Check out this great piece in the WSJ which approaches this problem from an interesting perspective: “In a bid to attract trophy hunters, some high-end sellers are taking a counterintuitive and risky step: raising the price”. Our friend in NYC, Jonathan Miller also opined on the tactic: “I’m extremely skeptical,” says Jonathan Miller, of appraisal and research firm Miller Samuel. Brokers say raising the price could scare away buyers who were on the fence when the home was asking less.”
Click image for the slide show.
What do you think? Can this strategy be applied in other price ranges as well in a market where supply is 25% lower than last year?