Price Drop 3

Just sent the agent the paperwork to drop the price on the house in Florida again. We’ve been dropping the price once a month ($10K at a shot) and this is the third drop. We were below the average price per square foot in the area with our FIRST price, but things are just so slow there at the moment. Very few buyers, but lots on the market. (The last “very interested” person ended up going for a house about the same size, but MORE expensive and about 20 years newer.)

We’re really hoping that at this new price it will move. We have more room before we get to the level that we’d have to write a check at closing instead of getting one… that isn’t the pinch point. The pinch point is how long we can run on a month to month cash flow deficit before we have no more cash to flow. I think we’ve got a couple more months, but not much longer than that, I don’t have much left in reserve at this point.

And yes, we could drop the price all the way to our break even point in one fell swoop and hopefully sell right away and at least be done with the mortgage payments and utilities and such, but we do not want to be leaving money on the table either. We’ve still got SOME time left… just not a huge amount.

And yeah, we’re also aware of the problem with dropping the price too much and getting the “there must be something wrong with it if they keep dropping it” effect, but hey, we’re what you call “motivated sellers” and all that. :-)