Realtors don't get paid until we close. So, why would we conciously overprice a home just to let it sit? Doesn't make sense does it? Unfortunately, a lot of home owners ask for the price they "need", want or think their home is worth. Instead of looking at the data provided by an experienced, professional Realtor.
My average "list then sell" time for the past 5 years has been less than 90 days. That should tell you that not all Realtors wait for 6 months to ask for a reduction. You are absolutely right, price does determine when a home sells, but you've got to have the correct data in order to do that.
I disagree with the last point you made in your most recent response, nationwide home sales and home values are increasing, not decreasing. Typically, sales do slow down during the winter months, but the economy in our area is improving and so are our home sales, so I don't believe we will suffer much. Take care, I appreciate the opportunity to express my opinion.
If you are serious about selling then a realtor is simply not required. If you want to sit on the market and twittle your thumbs then hire a realtor to list your place at or above market. Then after 6 months of no activity your realtor will recommend a price reduction.
In six months home prices will be lower maybe much lower.
All the previous answers did address some of the pros and cons of trying to sell the property yourself (FSBO) or paying an experienced professional who knows what needs to be done to prepare, market, negotiate and sell your home. Although you may initially think that it's cheaper and easier to FSBO, in the long run, you will usually end up frustrated, disappointed and generally end up with a lower bottom line.
The reason you end up getting less is the pool of buyers you attract as a FSBO is much, much smaller than if you were listed on the MLS, at a marketable price. I know your neighborhood, I live on the mountain, so I know you have a wonderful product and it should be marketed as such.
Cash buyers are WONDERFUL, but they are few and far between. And, because they know "cash is king", and they are bargain hunters, they will usually offer much less than someone who is financing.
Why don't you do this, interview a couple of agents who know the market well. Have them present you with the comparable sales and what they would do to market your home to sell as quickly as possible for the highest amount, then at least you would know where you stand at the price you want for your home. You already have a great location, and if you have your home in show ready condition, all you have to do is get the price range right.
Good luck in whatever you decide to do. Be careful who you let into your home, ask for identification and prequalification before you do anything.
You can't get onto a MLS, without paying someone to do so. You can A. hire a full-service real estate agent, who will charge you generally 4-6%, and split this in some way with the agent that brings you a performing buyer. Or B. use a "flat fee" service, who will charge you $500-$1000 upfront, to list your home on the MLS. You'll also have to "offer" a commission (of normally 2-2.5%) to attract buyers agents to bring their clients to you. You are out the flat fee, regardless if you home sells or not with this option, whereas with an agent they do all the work for you, and only charge you if/when it sells.
You will have to pay some type of commission out, otherwise being on the MLS is pointless, since only real estate agents who would be looking for compensation have access to it.
Your other options are to go "For sale by owner", picking one of the many websites who offer to "help" you do it (you'll still pay a fee for this as well)............or to go to the store, buy a "For Sale" sign, and stick it in your front yard hoping that a buyer drives by and calls you.
The bottom line is, do you want to hire an agent, pay a percentage of the sales price, but have a professional do all the work - or do you want to try it for free, and do all the work yourself.