I'm nervous ... Our home is going to be listed next week

[Anonymous]

I'm nervous ... Our home is going to be listed next week. A few houses were listed in Sept and none ade pending. Yes it's September the market is slow. However, it seems like an abrupt stop. Just a few weeks ago in August homes were pending within 2 days of being listed.

And while we are using an experienced realtor, I feel like he is overestimating the value of our house and the listing price may be a bit high.

Are buyers ignoring comps and choosing to wait?

[Anonymous]

Listing higher can make sense during a slower market because the assumption is it will take longer to sell no matter what. Starting higher allows you to cut the rice once or twice without losing your goal profit margin, and get the listings bump that comes with a price cut. Also you never know, someone might bite on that higher price, depends on what else is on the market. How does your price compare to the other homes that listed recently? If it's in line or a bit higher, you're fine.

[Anonymous]

The fed is about to announce a rate cut so people may be waiting to see how it impacts mortgage rates.

[Anonymous]

Anonymous wrote:Listing higher can make sense during a slower market because the assumption is it will take longer to sell no matter what. Starting higher allows you to cut the rice once or twice without losing your goal profit margin, and get the listings bump that comes with a price cut. Also you never know, someone might bite on that higher price, depends on what else is on the market. How does your price compare to the other homes that listed recently? If it's in line or a bit higher, you're fine.

OP here..thanks for the explanation. We are line with the most recent comp that closed 3 weeks ago, but those 2 houses were listed in July though.

[Anonymous]

OP in a few months you will be half you sold your house now. I don't have a crystal ball but I have the feeling that inventory will go up significantly.

[Anonymous]

I would ask the realtor how he came up with the sales price then tell him to reduce the amount for quicker sale.
The first week or two is when you will get the most interest and don’t waste it.

[Anonymous]

I dunno. A house in our neighborhood was listed last week and it is already contingent. The price was fair, about 10% over what we paid for a very similar house in 2021.

I do not think the market has stopped at all. There are bigger houses nearby that are sitting, but I don't know how reasonable their prices are.

[Anonymous]

dont list to high it will get stale.

[Anonymous]

Houses in Arlington are selling but on market 2 weeks longer, almost double.

[Anonymous]

Wishing you well!