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Sell or pull until spring?

  • Appraised for $528k
  • zillow / reddit say $550k (fwiw)
  • its currently priced under comps
  • Been on the market for months
  • dropped the price multiple times (side note as the price drops we have been getting fewer showings..odd)
  • Yep I’m sure it’s overpriced for what buyers are wanting/waiting for. (Meaning If it was $1 someone would buy)
  • bought the house when the mortgage rates were at 3%

We have yet to get any negative feedback from showings concerning price, condition, or location, yet no offers. Reasons are almost always “wish it had …xyz”.

We are empty nesters and are getting closer to retirement and that fixed income. The house will be paid off just before retirement, however we are concerned about rising insurance and property taxes, and felt it would be smarter to downsize and use the equity to outright buy a smaller home (avoid the high interest rates as well). So we don’t have to move, but felt it might be a strategic move looking fwd.

That said we are looking at the slow winter months and are considering pulling it off the market until spring. Watching “days on market” number climb is disappointing, and felt it might be best to reset the days on market for a fresh start. Our concerns are of course missing any opportunity for showings, but feel the days on market might be scaring away potential buyers. Lastly hearing the strangeness of the economy and stories of others dropping prices further biting into equity is another concern. It sounds like waiting too long will erode the equity we have in a push to sell, and set us back enough to not afford to purchase a smaller home.

Thoughts?

Thanks!

submitted by /u/Caibek
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source https://www.reddit.com/r/RealEstate/comments/1oe15t2/sell_or_pull_until_spring/
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