I am selling this house and need advice on price and market time.

Asked by R J, Pasadena, TX Tue Jan 6, 2009

House on the market in Oct. Asked 878K. It appraised in Sept at 840K before the remodel. Dropped it to 848K in Dec. (now 345. per sq ft.). Have had lots of views and positive feedback, but no serious offers. Now our realtor is asking us to drop it below 800K- but the house has only been on the market 70 days. The house next door (2935 Hermanos) sold in Dec at 399. per square foot (180 days on market) but if we were to take the realtor's new advice, we would be asking only 325. per sq foot for a house in much better shape. The average market period for a home in Pasadena is 140 days. I think we should sit tight awhile.Dropping it another 49K seems foolish this soon. Am I making a mistake? The realtor seems anxious to sell.
This question is about this property: http://www.trulia.com/property/1068945248-651-N-Sunnyslope-A…

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Margaret T.…, Agent, Conroe, TX
Wed Jan 7, 2009
R J,
Your Realtor can advise you, but in the end it is you that must be happy with the price. If you are willing to wait for an offer and you seem to have done your home work then stick to your price for now. Have your realtor keep you posted on the sales of similar homes. That will tell you if you are still on track.
The right price is what a Willing buyer is willing to pay a Willing seller. If you are not hurting you do not need to deal with someone that thinks Texas should have been hit like California.
Your Realtor is only concerned that you have not had an offer, we usually say that is there is no offer with in so many showings (differs in different areas) that the house is overpriced. May or May not be true in today's Market - I have people looking too high, they need to come down some. Lenders are tightening up on income ratios.
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