Washington Post reporter Dina ElBoghdady tells a story of an accidental landlord in the D.C. area – someone who wanted to sell, but wouldn’t cut his price. So he rented his home instead, while he waited for a better market. Earlier this year he tried to sell again at a lower price, but he still had no luck. Now he is dropping the price again, and there are still no buyers.
In the real estate industry, this strategy is called “chasing the market down” (or “chasing the price down”).
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