A look at fourth quarter sales and some advice to home sellers.

As we are at the half way point in the quarter, the number of sales transactions are down this year as compared to last year. There have only been 13 sales of residential homes in New Canaan in October and to date in November, as compared to 21 sales in 2006 during the same period. If you currently have your home listed for sale you might consider that properties listed above the market just sit there. Sometimes it depends when the seller bought his home. Someone who bought at the peak might be tempted to list the home higher than someone who had bought at a time when prices were lower. However, if the seller can’t sell his house because he is asking too much, then the same seller can’t become a buyer of his next home. This contributes to a slowdown in the market.

If you are holding out for an above the market price to maximize your investment, this may not be the time. If you want to sell your house then list it at the market price and you will sell it. If you don’t really want to sell, then don’t put it on the market. It is very stressful to have your home on the market. Cleaning up every morning, having people walk through at inconvenient times and then reject the house is very painful and expensive. This may be the time to take a fresh look at your motivation to sell or not.