There has been three categories of listings lately:
1. New listings that sell at or around list price the first week on the market.
2. Those that sell months later as price reductions finally intersect a rising market. In a slowing market (like we have now) pricing loses momentum quickly as buyers get more confident.
3. Those that don’t sell.
It’s going to get more obvious to sellers as showings slow to a crawl or less – if they want to sell this year, they need to lower their price. But hey, great news – those who are willing to sell for a price at the comps – or slightly under – should find takers.
