Newspaper article The Record (Bergen County, NJ)

Seller Reduced the Price, Then Raised It by $50,000

Newspaper article The Record (Bergen County, NJ)

Seller Reduced the Price, Then Raised It by $50,000

Article excerpt

The listing: Five-bedroom colonial

Location: Upper Saddle River

Listed by: Barbara Colella of Prominent Properties Sotheby's International Realty

On the market: Two years overall, 11 months with Colella

Asking price: $997,500, reduced to $849,999.

The game plan: Colella listed the home on the multiple listing service and advertised it in print and on the Internet. She also held open houses and sent out brochures.

The seller had paid $999,000 for the home in 2005, during the housing boom, but after her child went to college, she decided to downsize to a town house. The house had an updated kitchen, almost an acre of land and hardwood floors, and was in good condition, Colella said.

The home was on the market first with another agent, starting at an asking price of $969,000, which was reduced several times. When Colella got the listing, she suggested an asking price of $997,500. "I always thought the house was worth in the high nines," Colella said. …

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