First time Seller general questions (Canada) : RealEstate

Hello All,

Reddit has been very helpful to me in the past when I had questions about a topic so I come to you as a first time Seller.

We purchased our current home 4 years ago for $385,000 We currently owe ~$336,000 on the mortgage Our current assessment is $569,000 We’re a Carriage house (3 Bed 2.5Bath 1345sqft) on a bare land strata where we own the portion of land under our part of the property and the person who owns the front house owns the front house and the land under that half

We listed the property for sale 2 days back at $590,000 using the same agent that we used when we bought the house.

The agent told us he thought we wanted too much at 590 and said we should list at 560 (Below assessment?!?) and pointed out other nearby listings which are

A:A carriage house similar to ours that is Newer, Smaller, Slightly Worse location, and listed for MORE than we are ($599900)

B: Brand new, Townhomes (our house is not a townhome) Again smaller, and listed for more than we are.

In the two days the house has been listed we have had one showing in which appearently the buyers agent agreed with ours that $590,000 seemed a little high,

But he said the people who saw the house liked everything they saw except for the location of the laundry which is in a closet next to the kitchen

We’re in progress of buying a new home 50/50 with my wifes mother for $748,000 who will live in a basement suite in the new home so we can help her around the house as she ages,

She also has her home listed but her area is less desirable so its not as likely she will sell as quickly as we will

We set up the offier on the new home such that it didn’t complete until april 2020 to give us some time to List/sell as the agent told the three of us that due to the house having other offers on it an offer contingent on the sale of our current home would most likely not be accepted.

We have the financing all figured out such that regardless of if our homes sell we can still afford the new house (with my MIL footing the bill for the temporary costs on the new house associated with owning 3 houses and only needing 1

I guess my main question is, Are we too high, Should we be dropping the price in an effort to get a quick sale?

I want to get as much for my house as is reasonable But I know that even at the assessed value I am still making a fairly decent amount of profit.

Having never sold a house before I have zero idea what to expect in terms of timeline between a person seeing the house and making an offer. from what i see though that can be quite varied.

Also with the way the offer on our new house is We will have to ensure any offers we get can be set so they don’t take possession until after we have possession of our new home and I am unsure if that might be a deterrent to buyers?

Sorry for the rambling post my brain is just going 50 miles a minute with all that is going on at present.

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