Dear Monica: My house is on the market and has had a very good response but so far no one has made an offer. It is priced within a popular range but no one has acted on it. What are you seeing so far this year? Chris B.
Dear Chris: We are only a few weeks into January and so far buyers have shown little urgency to make offers, even if they like a particular property. They don’t feel pressured by the thought of rising prices, and in fact do not think prices will go up any time soon. Sellers who have priced their properties too high, even modestly high, have not had offers yet. And there have been several price reductions in the past few weeks. These price reductions are resulting in sales.
There is a gap between sellers, who think that prices are higher than they are, and buyers who would rather wait than pay too high a price. If you sense your property is priced too high, you should adjust the price if you want to sell it.