Does this new listing make my price look reasonable... or does it make my price look too high?

When a New Listing Confirms Your Pricing

If the new listing is priced at or above where you're priced, and it's a reasonably comparable property... that's good news. It tells buyers -- and us -- that your price is likely in the right ballpark. Buyers shopping both homes will hopefully see your home as being fairly priced.

When a New Listing Challenges Your Pricing

But if a comparable home lists for noticeably less than yours... or... if it has more space, recent updates and nicer features at the same price... we need to take note of this contrast. Prospective buyers comparing the two will ask themselves why they'd pay more for your home (if your price is higher) or why they'd pay your list price if they can get more house for the same price with the competing listing.

Keep in mind... the new listing of interest doesn't have to be a perfect comparable to be something that we should consider. Every new listing that is "close enough" can give us market feedback on your home's pricing.

So, What Do You Do With This Information?

Every new listing shouldn't send you into a panic... as it is just one data point.  But if we start to see a pattern -- several comparable homes hitting the market at or below your price -- that's something we may need to act upon.