Survey Indicates 75% of Southeastern CT Homes for Sale are Overpriced.

I did an informal unofficial telephone survey last week. The results of the survey are not deemed reliable or guaranteed. The results might be right but could be wrong. I happen to think the survey is accurate because I called only experienced agents that list and sell a lot of houses. None of the agents knew how the other agents answered my question.

Here is the question I asked:  "What percentage of area homes are overpriced by at least 10%.  The answers ranged from a low of 65% to a high of 85%.  Some of the best agents in the area believe that only 25% of the current active listings are priced to sell.  Regardless of the actual percentage, the bottom line is that much of the current inventory is overpriced.  These same agents believe overpriced listings are hurting home sales as buyers wait for a correction before jumping into the buyer pool. 

There are approximately 16,000 active listings offered through the Connecticut Multiple Listing Service. In the past 3 days there have been almost 800 price reductions - about 5% of all active listings. Maybe some sellers are starting to get it.