[RetiredArmy]

After we sold, we moved into a rental home. Nice place, nice neighborhood. Guy next door just put his on the market a few weeks ago. Wanted $316,000 for it. Has already reduced it to $306,000 and it is still not selling. I have not seen anyone come around for the past two or three weekends to look at it. I have a friend who is in the mortgage business and he saw it when he came over to visit. He walked over and got one of the sales flyers and came back to my porch. The first words out of his mouth was, "this house is not going to sell for $306,000. It is way overpriced." I asked him what it should be selling for and he said, "no more than $265,000 to $275,000, TOPS."

[VegasCowboy]

How much did the guy pay for it? The market is definitely slowing down, but the scenario you've described only indicates that this guy is asking too much for his home. That could happen in a red-hot market as well as a slow market.

We have people in our neighborhood asking way too much for their homes, and consequently they aren't selling. We listed ours at a market price, and had two full price offers in two days. We made a nice gain on it too.