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Answers (13)
- Pat Lord, "patlordagent"
- Contributions:283
It depends on all types of factors. Such as, when do you need to move ... is it a short sale or destressed home ... area movement ... area trends ... condition of the property ... nieghood astetics ...etc.
- Hugh Oake, "hud_va"
- Contributions:80
The right way to do it is to price it right the first time out, now you will not have to worrie about a price drop. This is a market that you shouldn't go fishing for more money when selling a house. Now private home owners are compeating with the banks in the market for selling their homes, and the Banks are pricing them to sell. When a compartive market analyzes (CMA) is done ust bank own properties to weigh havey on pricing your property. If the property is priced to high starting out, drop the price 2-3 weeks.
- Luis Lozada, "Luis Lozada"
- Contributions:4350
When you lower the price of the property sends the wrong message to the market.
the realtor to list your home in a real market price.
the realtor to list your home in a real market price.
- sunnyview
- Contributions:25120
A month with no drop or interest sounds a little long to me in this type of market. It would be tough for me as an owner to wait 30 days if no one was interested at my initial list price.
- Robert Dandi, "BobRealEstate"
- Contributions:74
Generally a month after it's first listed.
- Jim Paulson, "BoiseREbroker"
- Contributions:326
Good question, but there is no single answer or average even. Some banks have formulas they use but don't publish (i.e. HUD). Keep in mind if you think the property is over priced, you can always make an offer that is less and hope they agree instead of waiting for the price reduction!
Good luck from Boise!
Good luck from Boise!
- Renee M Keshishian, "reneek1"
- Contributions:92
Before it goes on the market. A home should be priced to sell but not "given" away.
- droopyd
- Contributions:403
I don't see why people bother with "optimistic" pricing for the first 2 weeks, then drop the price.
There is never (or rarely) an offer, and then the price winds up being dropped anyway. And the critical first few weeks on market are squandered.
There is never (or rarely) an offer, and then the price winds up being dropped anyway. And the critical first few weeks on market are squandered.
- Julia Marcyes, "JuliaSellsHomes"
- Contributions:269
John is right on target regarding short sales and bank owned properties. As far as standard residential resale homes, one would typically look at general market conditions, micro-market conditions, ad response and traffic flow to that property and it's websites when deciding when and if a price reduction is needed.
- John Hurlbut, "jhurlbut"
- Contributions:87
Tagging on to what Sharon said, I too will list a home with optimistic pricing for approximately 3 weeks before a price drop. Little to no activity in that time would trigger a price drop. In the market we're in now with stiff competition from bank owned and short sales, pricing is critical to catch the buyer's attention immediately when you go on the market. If your home is perceived as stale, showings drop off dramatically and offers are lower than you'd like.
Looking at bank owned homes, I've seen the average be (if you have a good asset manager) about 30 days before the bank will drop the price.
When I list a short sale home we'll drop the price every 2-3 weeks to keep activity up and to get to the price where a buyer will take a chance on a short sale sooner rather than later.
Looking at bank owned homes, I've seen the average be (if you have a good asset manager) about 30 days before the bank will drop the price.
When I list a short sale home we'll drop the price every 2-3 weeks to keep activity up and to get to the price where a buyer will take a chance on a short sale sooner rather than later.
- sunnyview
- Contributions:25120
If you have little activity in the first 2-3 weeks, you need to consider a price drop and a reevaluation of your market price.
- Bob Brandt, "BobBrandtRealtor"
- Contributions:1019
It varies by how motivated the owner is and how much overpriced it was at the start. The price can be adjusted anytime, to make some buyer traffic appear and then again to actually have the traffic feel good about making an offer.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3914
Depends on how you priced it. When my sellers look at the stats I bring them and then decide to list hire, I will either accept that price with a promise in writing that they will lower it within a few weeks to 'market' price or I will not take the listing. There are a lot of realtors out there who work the same way.
So two weeks without a showing is a strong indicator that you are overpriced and need to reduce.
If you are watching a home, waiting for a reduction.....who knows, it varies.Some never drop their price and just pull it off the market, some drop only a thousand dollars...it really varies.
So two weeks without a showing is a strong indicator that you are overpriced and need to reduce.
If you are watching a home, waiting for a reduction.....who knows, it varies.Some never drop their price and just pull it off the market, some drop only a thousand dollars...it really varies.
How many days is a house on the market before there is a price drop?
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