In this market, with supply low and demand high, we are not seeing many over-priced homes at all.
So if you do see a house sitting on the market for more than 30 days in our area (Northwest Vermont), chances are it’s over-priced.
I always tell my sellers that real estate agents are people too and when we see a house sitting on the market for a long period of time we don’t automatically assume it’s over-priced. In fact we do just what the general population does and assume there is something physically wrong with the property and that’s is why it’s not selling.
So homeowners and home-sellers, my point is this: you stigmatize your property when you over-price it. Even after you’ve reduced the price down to where it should be, both buyers and agents are hesitant to own “what no one else wanted.” And typically you will end up with even less than you could have realized the first 2 weeks on the market.
Wouldn’t you rather be in a multiple offer situation and net more that you originally thought?
So price it well, listen to your agent and get the most money possible, in the least amount of time.