Listings near us keep cutting their prices. What does that mean for ours?
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.
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.
I wrote this answer, and I stand behind it. I'm Chris Deutsch, a Minneapolis Realtor (MN #20382264). Twenty-five years of walking these neighborhoods, checking basements, and sitting across kitchen tables from people making exactly this call. I re-check every answer and date it — this one was last verified .
If your situation is more specific than the market, that's the one worth talking through. Email me at chris@lakesarearealty.com.