A seller's market does not remove the need for a realistic first move.
If you are selling and feel tempted to test the market with a big number, I would slow that down. Commack, NY is still favorable to sellers, but the homes getting results are the ones that respect the market's current pricing lane.
Last month in Commack, NY, supply stood at 0.81 months and offers on closed homes reached about 102.1% of asking. Even so, active homes showed a typical asking price of $849,990, while homes that went pending came in at $769,000 and closed homes at $827,500. Those are not numbers I would ignore.
For a seller, the risk is assuming low supply automatically fixes an inflated price. It does not. A typical active listing had spent 38 days on the market, compared with 31 days for homes that actually sold. My advice is to use seller leverage to create competition, not to create resistance.
Build your list price around the homes that closed and the homes that got accepted. Enter the market prepared for strong early demand, but not entitled to it. If your showing activity is not matching expectations, make the adjustment while the listing is still fresh.
