My wife and I find ourselves in a predicament. We’re clearly the ones to blame here as we made decisions that were risky, but the advice received from our realtor was not helpful.
We were not seriously considering moving, but did have a meeting lined up with a realtor to explore our options. Coincidentally a rare home opportunity arose that same week. We were still hesitant as our old home did not appear as valuable to us to justify a move to this new rarer home. However, we met with the realtor and they essentially told us we were crazy for undervaluing our home so much and assured us numerous times that there would be no problem selling our old home at a price that would make the purchase of the rare home feasible.
We purchased the rare home and then took 2 weeks to move out and get the old home ready to list. Our realtor was preparing us to evaluate multiple offers in the first weekend. That first weekend came and went and no offers. There was considerable interest but certain features of the home appeared to be dealbreakers. These features were flagged by my wife and me when the realtor gave us the list price that was intended to cause a bidding war. We can’t help but feel misled by the initial estimate of our home value from the realtor.
At this point we’re pretty sure the asking price is too high, but we’re less than a week on market.
Should we wait to reduce the price so that we don’t give the appearance that something is wrong with the house?
Should we lower the price before this weekend to try and attract more traffic and incentivize buyers? If so, how much of a reduction? If we sell for more than $30,000 less than the ask price, we’d survive but things would be tough for awhile.
I already know that this is my fault and was dumb, so save those comments. Just looking for advice on potential solutions to stop the bleeding.