I couldn’t be happier. I sold in Feb/March of this year and at that time there were no other homes for sale in our area. Now there are 12+, all discounted, none pending and panic has set in. But enough boasting about me, allow me to instead consider what I would do if I were them.
Two things make sense to me, depending on the situation. First, hanging in there has merits if you plan to stay here long term and can make payments even if it gets ugly.
Otherwise I would list it right now and price it 10% below comparable homes. Homes are still selling and if you are in the lowest say 10% of similar homes (location, sqft., etc.) I assume you’d have a good shot. I would tell people I’m selling because of a job transfer and I would market the value of the house by comparing the house to previous comps which are likely 10%+ higher than my price. I would go with a realtor I know who charges 1% if I find a buyer and 2% if he does, and offer 2.5%-3% to buyers realtors. I would have open houses every weekend day from 10-6, and weekdays too if I had time, and do most of them myself. I would hope to find unrepresented buyers and I would sell them hard on the fact that I can go even lower for them since I wont have to pay for a buyers side realtor. EG: I would immediately offer to split that 3% with the buyer, and I would even offer to pay $1,000 for them to have a real estate lawyer of their choice look over the paperwork if they have concerns about using my realtor.
For a 700k home that 90% of people out there are trying to sell at near full comp prices, I would list at 630k. And if I found a buyer without a realtor they would get an additional 10k off.
Unless of course homes were selling in my area, in which case I would shoot higher.