Yesterday I received an update from the NWMLS for one of my searches that I have out for Buyer clients. This was a notice for a price reduction, the 6th one for a house that has been on the market for well over 600 days - YES - over 600 days on the market. The price has dropped almost $350,000 since it was first listed and it is still with the original Seattle listing agent. BTW, this is not a high end , multi million dollar luxury home that would have very few buyers who could afford the property, and that you would expect to be on the market for awhile.
The original photos are still showing on the listing, which is doubly bad since they were of poor quality to begin with. This home has great sound views, because it is waterfront, not that you can tell from the photos. The house is very dated and certainly could have benefited from some work being done to update and get it market ready so that it has more visual appeal, and would photograph better. I doubt many buyers have even asked to see the house because of what they have seen online. Unfortunately, because of the NWMLS rules no agents can approach the seller with better ideas while the house is under contract with an agent. I can only watch <sigh> and hope that the seller makes a change.
I don't know the agent or his relationship (not related per listing remarks) with the seller, but I have to wonder why there has been no changes made other than price to sell the house. I feel for the seller because there may be other options to look into to improve the house to appeal to buyers and get the best possible price. Of course another option would be changing to a different real estate agent, which brings us back to the original question. When is it time to change to a different Seattle real estate agent? A Tip for Sellers; I think that this seller owes it to themselves to hire another agent who can bring a fresh approach to selling this home; 600 plus days on the market and hundreds of thousands of dollars in price reductions are clearly not getting this house sold.
**Update October 25, 2007**
The house just had another price reduction, 4th for a total of $75,000 since July 11, 2007. The house has now been on the market for 731 days and reduced a total of $424,950, still no changes to the marketing remarks or photos. I really feel for the owner.