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Our single family home went on market two weeks ago with only 10 showings (weekend 1). Our realtor wanted to start at a high number (500,000), but we've had no offers or showings this past week. We lowered price 15k to see if market would respond, still no offers.
Plot twist, our neighbors across the street just came on the market only they listed 40k lower than ours (445k). Their blueprint is almost identical. Main differences --A house (ours) has larger yard, extra full bath; B house (neighbor's) has renovated kitchen, small bump out with heated floors, slightly larger square footage (100sq ft more). B house open house is Friday.
Advice needed here --> what should our strategy be? We were hoping to move states by June/July 2026. Our current realtor doesn't seem to have any strategy and isn't giving us any helpful advice or insight, just following our lead. Should we stay firm and hope B house escalates, or do we go low to get into a competitive range (drop 20 or 30k down to 465k/455k)? Will we be risking sitting and looking overpriced and stale if we do not lower before this coming Friday morning? This is our first house sale, so any advice or similar experience would be helpful to us
Extra context: market dipped weekend after we went live. Most houses in our surrounding neighborhoods price dropped after first weekend when we lowered ours 15k.
We have good relationship with our neighbors so we don't want to be jerks, but we do want to sell sooner rather than later.
Thanks in advance!
Edit: First, thank you for all the advice. We’ve clearly made mistakes and trying to learn from it. Adding some info:
House A 3Bd/2.5bath 1900sqft (also has screened in porch ~100sqft)
House B 3Bd/1.5bath 2000sqft
Before we went to market, our initial list price was a little above the estimates online and comps. Recent comps now are around 455-470 (with an outlier at 494) and were all on market less than 2 weeks.
In addition to undercutting us, we do think house B expects a bidding war.
Our agent has not received any valuable feedback from any of the showings.