Two sellers, two different problems:

First:

[A] few days before the scheduled April 24 closings on both condos, the Reagans learned the buyer of their Haverhill condo couldn’t get financing. At the last minute, the Reagans were able to postpone their closing on the Merrimac townhouse.

Relieved, Janelle and Troy listed their condo again. And again, it was snapped up quickly. The price this time: $208,000 [vs. the earlier $210,000].

“We were like, ‘OK , we’re all set,’ ” said Janelle Reagan. “And then, at the end of May, the second buyer lost her financing. She stopped returning our calls. Even her agent couldn’t get in touch with her.”

Losing one buyer is not unheard of. Losing two, and man, you’ve got a problem, not just with your agent, but with the buyers’ agents, possibly your home, itself, and I don’t know what else. Something fishy’s going on.

Second:

Stephen and Dianne Greenstein can relate to Reagan’s deflated spirits. [Their] three-bedroom contemporary home has yet to sell — despite a drop of $326,000 in the asking price.

So in August the couple elected to sell the home at auction …

… With hopes high, the Greensteins said a silent prayer as auctioneer Richard D. Allyn started the bidding at $1 million. No takers.

… In the end, a single bid of $830,000 was offered, which the Greensteins rejected as too low.

The current list price for their home: $899,000, down from $1.25 million.

“I want to sell, but I’m not going to give the house away,” said Stephen Greenstein, noting that another Nahant home, a three-bedroom, sold through AllynAuction in July for $1,050,000. “I’d rather wait for the right offer.”

Dude, you’ve already received the right offer. If you want to sell your home anytime this year, or possibly, next year, take the $830,000. Your property isn’t worth $1.25 million, it isn’t worth $899,000. It’s worth $830,000 – what someone was willing to pay you for it.

Wake up!

Source: Fear and anxiety in the housing market – By Brenda J. Buote, The Boston Globe

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Updated: January 2018