There is a rule of thumb among real estate agents that if a property is priced fairly, it should sell in about a month and within 5% of the asking price.
It rarely works out that way at the high end.
A median-priced home in Los Angeles County does indeed sell at or above the asking price within an average of 30 days. Luxury homes, on the other hand, usually go through a multitude of price drops, lingering on the market for months, sometimes even years.
In the rarefied air of ultra-luxury housing, most homes are not priced to sell. Instead, sellers — often ignoring the advice of their agents — set eye-popping list prices, figuring all it takes is that one special buyer. A lengthy waiting game typically ensues, peppered by hefty price cuts.
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