P.S. I never, ever, ever, ever under any circumstances tell someone to stop paying their mortgage. I tell them that they need to talk to a foreclosure attorney about that and that I can not, and will not, personally advise them to stop making their payments.
Fiona--I always start on the low end of the comps. I also use nice round numbers like the $10ks because that's how agents search the MLS (ie nobody ever puts in 456,789 as a starting or stopping point for a search). I really "listen to the traffic". You said you have good traffic and no offers. Most of the time I find that with my listings this is my sign that it only needs a slight decrease. I usually decrease in $10k increments, however, I never go more than 2 weeks without a decrease unless we are at the bottom of where I think they could possibly accept. If I decrease this week and we still have no showings, that is when I would probably do a second decrease the following week. So my normal game plan is $1k every two weeks but I will watch closely and see if I need to speed up or slow down the adjustments. Bottom line is I create a record of where the price was and how that price only had X showings and no offers. This has come in very handy when I need to challenge a BPO. I would never start with a too low amount. I personally think that is asking for trouble. Hope this helps! Good luck!!! :-)
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