We are still firmly situated in a sellers’ market. New (appropriately priced) listings typically sell in less than two weeks. Many receive multiple offers that push the price above asking.
That being said, we are seeing a surprising number of homes stay on the market long enough to require price reductions. Why?
Although it is partly a seasonal phenomenon, the most common reason is that sellers listen to the wrong advice. Friends, neighbors, relatives, co-workers — all think they know what price you should ask for your home. This often results in overpricing, which eventually leads to a price reduction.
That’s why it’s important to hire and work with an experienced Realtor® who will do careful research and provide you with an educated evaluation of your home’s current market value. Better yet, consult two or more Realtors® until you find one you trust and who gives you confidence in your pricing decision.
Posted December 4, 2016