Listings near us keep cutting their prices. What does that mean for ours?
Answered by Chris Deutsch, Founder & Editor
Licensed Minnesota Realtor #20382264 ·
The short answer
It means the sellers before you tested a number the market wouldn't pay — and left you the data for free. A block of cut listings isn't a falling sky. It's a map of where the ceiling actually is. Read it closely: what did they start at, where did they cut to, and which ones actually went pending? The going-pending price, not the asking price, is your market.
On stage The 60-second answer
Captions on · Transcript below
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The transcript posts with the video.
The longer answer
The tactical read: when the neighbors are cutting, entering at an honest number makes your listing the one that feels refreshing. Buyers who've watched the same stale inventory for weeks move fast on the first house that isn't overreaching. Their mistake becomes your week-one advantage.
What not to do: match the asking prices of houses that aren't selling. That's joining the parade of confessions. When we price yours, we work from what closed and what went pending in the last 60 to 90 days. Those are the houses that found their buyer — not the ones still looking.
The next department over
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- Pricing & equityHow much money do we actually walk away with when we sell?Read the answer
From the editor's desk
“As Founder and Editor, I review, correct, and stand behind every answer.”
Is your situation more specific than the market? That's the one worth talking through.