In the current Westport Real Estate market, properly presented and market-priced homes in desirable locations are still selling quickly. But we have to remember - asking prices are mostly theoretical. What the market - buyers - are or are not willing to pay is the ultimate test. When a property lingers on the market, one must look at the pricing appropriateness for the sellers’ strategy.
If the sellers’ strategy is to accelerate a transaction or create multiple bids, pricing must be at or below the current market. The listing price is compelling if potential buyers are viewing the property. However, if they are not enticed to bid, one must conclude that: A) the value of the property compared to others on the market is not as attractive or B) the potential buyers are waiting for something better to come to market.
As buyers’ focuses shift into summer mode, price reductions have a way of grabbing their attention.
Of the single family homes currently for sale under $3M, one-third of the sellers have taken price reductions, ranging from 7 - 17%.
Conversely, if the strategy is designed to wait for the right buyer, the seller may choose to stay the course, which is the case for many of the luxury homes in this market. These sellers know their properties are unique, and they are often in no particular hurry to sell. Therefore, they reduce prices infrequently. Only 7% of the active listings over $3M having taken a price reduction.
