Home Selling in 78233>Question Details

Brian Bailes, Home Owner in 78233

How long should a house be on the market before lowering the price?

Asked by Brian Bailes, 78233 Mon Jun 24, 2013

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7
Home are selling in one to two weeks in most areas of the Austin market. If your home is not selling or even receiving offers below the list price it overpriced. It also needs to be in tip top shape to receive top dollar so make sure the home is spotless, clean and staged as that makes a huge difference, your competition is.

If you are working with an agent let them show you the comps and take your homeowner hat off and be realistic as to the value of your home. Pricing it too high already may have cost you thousands... homes in any market but especially a hot market get a stigma on them when their days on market number gets too high... potential buyers say... what's wrong with this house?

Also, pricing your home too high makes other homes that are currently or pending look like even better deals so you are helping them sell over yours.

Hope this all helps. Fix the error, be realistic and do what you can to make the home stand out and you will sell it fairly quickly I would think.

_____________________________________________________
Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
Web Reference: http://www.AustinListed.com
0 votes Thank Flag Link Tue Jun 25, 2013
In my opinion anytime that you go over the average days on market of the comps sold in that area it may be time to look at the price of the house or look at the quality of the house itself.

Regards,

Chris Hutchinson
REALTOR®
The Michael Group
972.809.0607
http://www.chrishutchinsonrealestate.com
0 votes Thank Flag Link Tue Jun 25, 2013
In today's market, if the price was right in the first place, the house will sell within 2 weeks. If not its time to adjust the price. If you had many showings but no offer, asked your realtor for buyers feedback. Maybe you can change something.
0 votes Thank Flag Link Tue Jun 25, 2013
I like reviewing the price of a home within 2 weeks after it hits the market. We can see by how many calls we had, how many showings and what the comments were. If we priced the home right we should have an offer within that time. If there has been limited to no calls you may be over priced to start, If you had lots of showings and no offer is there a problem with the house? Review everything with your agent and have them show you how they arrived at the value of your home.
0 votes Thank Flag Link Tue Jun 25, 2013
Bill and Larry have provided EXCEPTIONAL guidance.
The local market conditions and your situation will impose the correct response.
Proper pricing and patience will allow matching your home to the buyer who values your home and all it has to offer..
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Adjusting the price will compress the timeline and attract may a buyer who may be unwilling to recongnize all the attributes your home offers.
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IT is your situation that must be understood. Your real estate professional will be able to present the proper options based on what you have revealed regarding your situation.
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Please be aware, real estate professionals are not mind readers. If you are not transparent regarding your requirements, the agent is left to assume their goals are the same as yours....which usually means...SELL AS FAST AS POSSIBLE. There are real benefits to moving on the the next chapter of your life.
0 votes Thank Flag Link Tue Jun 25, 2013
Two weeks. Every homeowner has a 30 day window of opportunity. Homes that are price properly sell quickly and the most notice any home will get will be when it first hits the market. Miss this 30 day window of opportunity and you'll likely sell for less and make multiple price drops along the way. Don't waste time, speak to your agent and reduce the price if you want to sell sooner rather than later.
0 votes Thank Flag Link Tue Jun 25, 2013
Making decisions based on generalizations can be problematic. The best and most informed decisions should be based on the local market and its most recent activity as well as your level of motivation to sell.

The best way to address a meaningful price adjustment is via your real estate professional. They should have access to the details necessary to make an informed recommendation.

Good luck,

Bill
0 votes Thank Flag Link Tue Jun 25, 2013
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