Drop Price in Slow Real Estate Market? Yes!

A lesson from New Jersey -- bidding wars can erupt on a vacation home when you drop your price low enough.

Too many folks can't bear the thought of lowering their asking price. But a seller in Tenafly, NJ did. After a house did not sell for many months at $810,000, she told her broker to lower the price progressively. When it reached what she called "the sweet spot," $699,000, she suddenly got multiple offers, she told the Bergen Record.

Her broker was then able to set a deadline for best bids and got an extra $6,000 on the sale. Point of story? " it's about value....It's not affordability," according to the agent. It was not a vacation home, but idea is still valid in today's slowing environment.