There is an article in this weeks Time about housing price reductions. While a lot of the article seems silly, people reduce the price of their homes in any market, mainly due to the fact that they tend to shoot for the moon at first despite the best advice of their agent, one stunning important point to sellers is to look at the price of SOLD homes. Lets say it again together... look at the price of recently SOLD homes. It really doesn't matter what your neighbor up the street has his home listed for, anyone can list their home for any unreasonable amount. Its the sold homes that tell the story.
If your home has been on the market for more than a month, ask your agent to compile a list of homes that have gone under contract during that time. That is very valuable data, that shows you what people are buying instead of your home, from there you can get an idea if you are priced to high or need to do some fixing up or both.
The original Time article is here :
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