Can’t Sell? Raise Price By $300K! – Contrarian Sellers Playing Hard To Get

Dropping the asking price on your Vancouver house-for-sale is currently more common than actually selling the house. Price drops outnumber sales on a daily basis, as inventory rises and there is increasing competition for buyers. Then there are those who appear to be swimming against the current. Figure this one out…, any insight appreciated. -vreaa

1028 29th Ave West, Vancouver. Built 1992; 4207 sqft; 54 x 120 lot.

Came on market 8 April 2010, Asking price $1,988,000

Price change 7 June 2010, Asking price raised to $2,288,000

7 responses to “Can’t Sell? Raise Price By $300K! – Contrarian Sellers Playing Hard To Get

  1. Yup, makes sense to me! That way they can brag to their friends that their house cost $2.2 million instead of a measly $1.9! (Oh but they don’t mention that they have to rent out the basement AND add a laneway house to pay the mortgage)
    LOL!

  2. and who says the Asians aren’t listing their houses…

  3. A LOT of listings were removed from the market last week (check out agentwill for the stats). A price change like this is just a different way of removing your listing, I think. Bet their Realtor isn’t wasting any more time on Open Houses for that property, though.

  4. Reverse psychology would be my bet. They increase the price to make it sound more appealing (Hey, why would you want to buy that cheap $1.8Mil house if you can buy ours which is worth $2.2Mil)

    This sounds really stupid, but real estate in this country isn’t about logic, it’s about emotions and bragging rights, he may just get what he wants (even if he is “down negotiated” to 1.9, which still gives him what he wants while the buyer thinks they drove a hard bargain).

  5. Man, that is one fuuuuuuugly house. It’s a tear-down! C’mon people, have you EVER stood in front of your house and LOOKED AT IT? That puppy fell out of the ugly tree and hit every branch on the way down.

    The hedge is kind of okay though.

  6. $2.288M Cut it out with the 8s man. Here’s a hint: the Chinese don’t care about 8s in prices. They want low prices. If it was listed for $1.444M I guarantee you a phalanx of Chinese buyers will be lined up at that stone fence.

    The hedge is kind of okay though.

  7. It’s possible that they thought fair value was at 2.288 mill but now that they didn’t get a bidding war at 1.9 they’ve decided to market back to fantasy “fair value”

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