I received an email for a prospective "testing the waters" seller inquiring about how the real estate market was in Brevard County, Florida.
My response was simple....
Overall, the market is picking up. Prices are rising somewhat and the inventory is tight.
As for "testing the waters," anytime one places their home on the market there will be a golden period where it will either generate a lot of interest or get ignored.
When a listing price is too high the inevitable series of price reductions only lowers the seller's position in he eye of buyers. Buyers will look at the property as "What is wrong?" or "The seller must really getting desperate by now." Neither of these views benefits a seller.
The above should simply be interpreted this way.... Sellers make the initial decision and the real estate market will follow.