I was doing a CMA for a prospective seller on some townhomes in Hopkins this week. While the comparables that have sold in the last 6 months have sold in the high $120k’s to low $130k’s, several had listed in the $140k’s and even $150k.
I understand that some sellers “can’t afford to sell their home at that price” and by putting it on the market that much higher than comparables, they won’t have to worry about that because no one is going to make them an offer. Consequently, if they’re stuck with a house that won’t sell, so why even list it?
I (nor any other Realtor) can make a market that doesn’t exist. If you’re ridiculously overpriced right now the best thing you can do is to definitively decide if you want to sell or you want to stay.
If you want to sell, you MUST be priced competitively. If you can’t do that, then you must stay and it’s better for you to just sit on the sidelines of this market for another 1.5-2 years, at which time pricing may improve enough to make a difference.
