I think that our market is still being filled with new listings that are over-priced. Part of that is the refusal of sellers to get real, some can be attributed to agents “buying” a listing by deliberately lying to would-be sellers (okay, let’s use the softer term and say, “letting their optimism get the best of their judgment) and, in some small part, the complete lack of certainty of what’s coming at us. I was at a house today with another agent and, after we’d seen the place and were walking back to our cars, I said, “asking price should be $500,000 less: $2,495,000.” The other agent, a very good one, said, “oh, no, that’s much too low,” so I asked her what she thought it should be priced at and what it would sell for. After a certain amount of consideration, she finally concluded (a) that it was going to be on the market a long time, (b) that maybe $2.650 was a better asking price, and that it would probably sell at $2.495. So she ended where I began – my guess, today, is that it will sell for $2.3 million but here’s the rub: neither of us know. Not long ago, I could make a pretty good estimate of a house’s value, with the occasional whopper of a miss. Today, I’m sort of, kind of confident about guessing present value (limited, of course, by the lack of 15 recent nw to use) but I really have no idea what the market will look like in June. My fear is that it’s going to look really, really ugly. But I don’t know that.
So I’ll keep an eye on this place and report back when, and if, it sells. Then we’ll know.