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Updated about 7 years ago on . Most recent reply
Delisting / relisting with a dropped price. Bad practice?
I'm currently in search of my first multi-family live-in property. And I've noticed something that was odd at first. Some properties have been listing for say... $500k and after a month or so of no offers, they'll delist the property and re-list it for $470. So that the previous $500k price never shows as the original price. This means that if/when they sell for $470 (or close to that) the MLS will show a really high percentage of sell to asking price in that area.
I noticed something was weird when my realtor said that this particular neighborhood in Chicago had a 97% sell price to asking price. This got me to doing the research and this is what I found/realized after some time. Is this standard practice elsewhere? (I'm in Chicago). It just seemed really unethical to me, but I am a rookie at this so I don't know if this is the norm or not?
Most Popular Reply

- Real Estate Professional
- West Palm Beach, FL
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It’s not unethical or intended to fudge the listing percent sold numbers......it’s just that a property presents better psychologically if it shows as “$470k, on the market for 2 weeks” as opposed to “$470k, reduced from $500k, been on market for 8 weeks”.