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Real Estate
Reply to "Neighbors still won't drop their price after 3 months"
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[quote=Anonymous][quote=Anonymous]It also depends immensely on your current mortgage. If you own outright, then it doesn't cost you much to stay on the market. If you owe a LOT, and your house isn't worth a lot, then it can make a big difference. You also have to factor in condo dues, property taxes, etc. into the equation.[/quote] This is a common error. The fair market value of your house has nothing to do with what you owe on it. The price is set by the market and supply and demand. If your house is priced fairly, then you should have an offer within 100 DOM. If your house is not, regardless of what you owe on it, you will not get an offer and you will see the number of showings peak early and then drop off. The more showings, the more likely you are close to the right ballpark. If you have no viewings after a short initial period of time, then you are not priced in the right ballpark. [/quote]
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