Many seasoned realtors have the following rule of thumb:
– If there are people looking at your house & you get offer(s) within the 1st month of listing, your asking price is within 10% of the “market price”.
– If there are people looking at your house & you have no offer. Your asking price is at least 10% higher than the “market price”.
– If there no one looking at your house, your asking price is at least 20% higher than the “market price”.
I think this is especially true with places like Austin where the supply is not too high compared with the demand (the market is “soft”, but it’s not that bad). The fact that you haven’t got an offer within the first month despite pricing it agressively is “telling”.
With that said, it’s likely that the current market value your house is $315k or less.
Prices in Austin will likely go down for the next 2-3 years (may be not much, but still the direction is downward). Then, even when things pick up, it’ll take another few years for prices to get back to today’s level. Are you willing to rent for that long ?
