A friend of mine is putting a property for sale. Last year, he found his house was worth $820,000. This year, the house was reassessed for only $740,000. He checked the listings around the area the price range from $600,000 to $860,000. So he decided to sell his house for $700,000. My friend wants to cash out the house, but no offer for his listing for 2 months.
He is asking me for advices. As I told him for a few times this year, I do believe the housing market to reverse more than it should. Because it went up much higher than it should have and the correction in price is inevitable. Whatever the house was worth last year is irrelevant now. His property is offered in today’s market conditions. I let him look over what are for sale and what were actually sold. This is all that matters. Go checking out the listings in the same area. Compare them to his house, and after that, relist it below the averaged offering price( for he wants to get out of the property). I am sure in this way it will be sold faster than before.