Boom2Bust.com

Weird Housing Tales, Part 2

Has your home been on the market for a while, and no takers? Thinking about lowering the asking price? Watch out! A while back, I came across the following on the blog Surviving The Crash:

I’m so mad at my neighbor. I bought my new home here in Ashburn last summer and plan to sell it next year (after holding two years to avoid taxes) to make a nice return on my investment. The problem is my neighbor is trying to sell his house (very similar to mine) right now and he keeps lowering his asking price. Each time he lowers his price, I see my potential profits next year getting squashed. Doesn’t he realize he’s hurting the comps for all of his neighbors by doing this? I don’t think he is acting very “neighborly” by doing this. I want to say something to him and tell him he should stop putting his interests ahead of his neighbors. It’s people like him who are ruining the market for the rest of us. If he would just refuse to lower his price, we could maintain our comps and everyone would benefit. What can I do to stop him?

-Question during a real estate chat held by the Washington Post

“Just try and lower your asking price”