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Need some perspective from real estate experts

Faz
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Good Sunday all,

I was wondering if anybody with real estate knowledge could chime in with regards to the sale of a property.

Why would somebody boost the price of their property that isn't selling? Our landlord has put their property up for sale last spring and it isnt't selling, yet, she has boosted their price. Any insight on this kind of strategy from experts in the matter?

Thanks in advance.

Cheers,

Faz
 
Tony C.
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I'm no expert, but it is not an uncommon strategy. Under what conditions it is most likely to be effective, I do not know.
 
NGO1
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She received too many lowball offers.
 
Mark020
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Because people will then think they are lowballing when they do a deal...
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ATWG
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Couple thoughts:

Does she have another property in the area looking to boost its price?

Did she increase rent hence increasing the ROI
 
Dan S
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Maybe she is planning a big price drop in the future. 😁

TBH, the facts presented in your post suggest that she isn't really serious about selling the property. I have seen some properties sitting for months locally because the asking price is too high, and I am pretty cynical about those sellers.

We sold our home a few months ago and we tried to price it accurately at market value after a pretty careful analysis of comps. Apparently, the house showed well, the timing was good, and some details made it more desirable than expected. People really wanted to live there. We received three offers in the first day, all above asking price, with the winning offer about 10% over asking with a 2.5 week closing. We were very happy with the outcome.

Once a house is stale on the market, it's unlikely that you will have a chance to stimulate buyers this way, but I am convinced that pricing a house accurately is generally going to be the best strategy.
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BlackTalon
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She probably fancies buying a new Omega with the equity, but Omega keeps raising prices. 😲
 
Pastorbottle
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It's not unknown for unscrupulous real estate agent to deflect interested buyers from a property so as it is becomes hard to sell, they do this to make the seller loose heart with the apparent lack of interest and then come in with a serious low ball offer from a buyer (it will be one of their dodgy mates or even themselves under another name) if they're getting a lot of enquiries for similar properties in that area the may want to push up the price so as they can more easily move the properties they or their mates have a financial interest in at the expense of your sale.
Now this scenario often plays out in an area where one real estate group is the dominant market leader. it is less workable in an area where there is a lot of competition.
 
Donn Chambers
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NGO1 NGO1
She received too many lowball offers.

This. I can imagine some people have a fixed price for a property that they “need” and they want to get it one way or another. By raising the price, lowball buyers just taking $25k off the list price will now be offering their original asking price. Or that’s what they are thinking. Probably not even using a realtor, who would dissuade them from doing this, because it just delays the sale even longer. If the original price was too high based on comps, raising it isn’t going to make it sell faster.
 
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