As you are well aware, it has become a tug of war between buyers and sellers to identify the fair market values of properties. To keep the market moving we need actual sellers. What do I mean by "actual sellers"? Actual sellers are property owners who want to sell their properties within a reasonable timeframe and are realistic about today's fair market value of their property based on recent comparative market statistics and projected market conditions.
Last year the average original list price for single family homes in Harvard was $689,524 and the average sale price was $590,503. That's a $99,021 difference or a 14% price reduction in a market where price was just about everything. To be fair I looked at a neighboring market to see what kind of pricing gap they faced. So let's take Bolton - Bolton's average original list price was $670,832 and their average sale price was $621,836 which is a 7% price reduction, a difference of $48,996.
In general, it is my opinion that a 14% tug of war on value in Harvard is pretty painful for both buyers and sellers. No one wants to put an offer in on a property that is $100,000 out of their price range and no one wants to see an offer that is $100,000 less than what their asking. The truth of the matter is that fair market value is much easier to deal with for everyone when it is just that - fair.
