Why would a seller raise the list price of a house that isn't selling? Beállítások

[bining]

Maybe all the experts here can answer a question hubby and I have. In the next year or two we want to buy a new house with acreage near our current metro area so we've been keeping a close eye on listings and sales of country properties in the area.

Our metro area overall is a red hot market (up 15 - 20% in the last 2 years) with a low inventory and most properties within city limits under a certain price range are selling in hours or at most a few days. The country properties in the areas we are interested in are not selling as fast, but are still selling within 1 - 3 weeks if they are well priced. What we have noticed is that many of the rural properties must not be well priced because at least 50 - 70% of them sit on the market for months to years and either don't sell at all or end up finally selling when the price is dropped low enough, which is sometimes $100 - $200k or more less than the original list price.

A particular property we've been watching for awhile has been listed/delisted several times in the last year, never having the price changed. After it was listed for a long time, they delisted and then relisted it adding an additional few acres and a barn for again the same listing price. Since then it has been listed for another at least 8 months without selling. Then last week, they again delisted it, then yesterday relisted with no changes to the property or what is included, but increased the list price by $50k (7% increase). To finally get to our question, why in the world would the sellers increase the list price of the property by $50k if the house wasn't selling when it was $50k cheaper? My gut feeling (and I am not an expert) based on comps that we can find online and other listings in the area is that the house was $50kish over FMV before and after the increase is now $100kish (14%) over FMV.

These are the two theories I have (1) they somehow think the summer market for rural properties is going to be so hot that the market will somehow rise the $100k (14%) it would need to in order to make their house listing price come close to FMV or (2) they've been receiving offers for $50k under listing and think that if they raise the listing price up by $50k that the offers they get will also come up $50k to match the original list price. I'm curious what the experts here think.

[Guest_yasir imtiaz_*]

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