So many questions:
Why isn't anyone looking at my house?
Where are all the new listings?
What do you mean it appraised for $20k less?
Why isn't anyone looking at my house?
Where are all the new listings?
What do you mean it appraised for $20k less?
Some of these questions could have been avoided, if the Agent representing the Sellers would have stood their ground. No one is looking at your house because it is so badly overpriced. Last year's price appreciation is not happening this year. Your Agent should have told you, and explained the current market. If an Agent is desperate for listings, they sometimes take the ones that create frustration. Some Agents think they will wait 60-90 days, and get the Seller to lower their price. That is inherently causing other problems:
Buyers think something is wrong with the home, due to Days On Market.
Buyers also believe they can make Low Ball Offers because of a huge price reduction.
The Sellers may miss out on Full Price Offers, purchasing the home they wanted, or disruption of a Move.
Even if the home gets a full price offer, chances are it won't appraise at that figure. That upsets Sellers and Buyers too. Some Sellers still want full price because of the offer. They want the Buyer to pay the difference. The Buyer realizes they are saving a lot of money on the home and usually say no to the Sellers. Hard feeling may arise. Normally the transaction will close Escrow, but at appraised value.
I could go on and on, but you see the challenges.
Buyers think something is wrong with the home, due to Days On Market.
Buyers also believe they can make Low Ball Offers because of a huge price reduction.
The Sellers may miss out on Full Price Offers, purchasing the home they wanted, or disruption of a Move.
Even if the home gets a full price offer, chances are it won't appraise at that figure. That upsets Sellers and Buyers too. Some Sellers still want full price because of the offer. They want the Buyer to pay the difference. The Buyer realizes they are saving a lot of money on the home and usually say no to the Sellers. Hard feeling may arise. Normally the transaction will close Escrow, but at appraised value.
I could go on and on, but you see the challenges.