If every seller you had was willing to sell at a 5% discount to the cheapest subset of the most recent 2-months’ sales comps (legitimate, recent comps – not comps from a year ago), on average how long do you think it would take to sell these houses?
Maybe I’m nuts, but I bet that homes that are legitimately priced 5% below the “real” market will move within a few months despite this crappy market. My suspicion is that everyone crowds around the comps (many of which are old) – with little or no discount – and they just chase the market down instead of getting a little bit ahead of it and getting their property sold. Is this what you’re seeing or am I nuts?
