Home Selling in 03103>Question Details

daisy, Home Seller in Manchester, NH

How long should my house stay on the market until I drop the price?

Asked by daisy, Manchester, NH Tue Oct 23, 2007

It has been on the market for 14 days and we have had one broker open (7 agents showed) and one showing. Out of the 4 agents that filled out reviews, 2 said it was priced right, 2 said it should be lower. The feedback from the showing was good-they said they had a house to sell first and would keep this house on their "list". Our pictures and online tour just went up 1 week ago.
This house was priced correctly and competitively compared to the comps in this area. Our agent wants to drop the price 10 % due to the lack of traffic. Does this seem quick and extreme? We are not in a hurry to move and will not be paying a double mortgage. Should we take a stand and leave it on as is for 2 more week and then consider a $5,000 reduction at that point if there is no traffic?

Help the community by answering this question:


Prices are really dependent upon your market...in Long Island we have fallen below 2002's prices.

If you are getting no showings...you are too high.
If you are getting showings and no offers, you are too high.
If you are getting offers, but they are consistently the same low price, you are too high.

Are you motivated to sell? If not, take if off the market and wait it out.
If you are motivated to sell, get in front of the market.
If you hang on to a number today, tomorrow's selling price will be lower than today's aggressive price.
Web Reference: http://GailGladstone.com
2 votes Thank Flag Link Fri Aug 1, 2008
In reality, your home has only been marketed for a week. That's how long you said the pictures have been on. I know when my buyers are looking at what is listed, they pass over anything without a picture. From the information you give, it seems too early to be considering a price change. If the comps were recent solds and you are priced competitively with similar homes currently on the market we say "stay the course". After a few more weeks reevaluate. Dropping so early sends up a red flag to buyers that says "We are Desperate" and that's not the message you want to convey.
2 votes Thank Flag Link Tue Oct 23, 2007
This is one of the most asked questions, especially lately by my home sellers. 14 days is too early to take a drastic price descrease unless the home was priced way over market value to start with. I dont like goving a percentage but rather try to keep the price with certain plateaus. such as instead of pricing at 203000 to reduce to 199900 as most home searches will be in 25,000 or $50,000 increments. The key is pricing the home correctly first. In this market it is best to take 3 comparable sales in your neighborhood in the last 3 months and 3 comparable listings and average them adding or subtracting for extras your house has or doesnt have. Condominiums are more subject to price increases and decreases as they are usually very similar in size and style and differ in property condition. Here in NH i have seen decreases in even the most popular complexes drop $15,000 to $20000 in the last 3-6 months. Homes dont always see this drastic of a price drop. If your in a condo complex and there are 10 homes for sale, when someone looks they will start at the lowest and then move there way up until they find one they like, being the highest price, you will not get people to see yours even thogh it may be the nicest because they are shopping price first. When deciding to lower the price use feedback from showings or the lack of showings to determine why your value is dropping. Location, condition and teh need for repairs will affect this amount more or less. It is important in this market for the seller and the agent to price the home correctly, dont inflate it, you cant... listings that are in good condition and/or priced right ARE selling. If they are not look at why and adjust accordingly, but you really cant say a percentage.
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Tue Aug 19, 2008
why wait until 2010 to sell your home...why not just 2050.... dont listen to the clown below, do whatever is best for you.
1 vote Thank Flag Link Mon Mar 24, 2008
I ask my clients this question...what are you committed to, selling the house or a number? If it is a number, you are asking a Realtor to finance your explorations. If you are committed to selling, the price is right when the house showings pick up and the offers come in. You cannot price too low; if it is below market, multiple offers will push the price up to market level.

I do believe, however, that the property needs to be appropriately and abundantly marketed...it cannot be a secret sale.

Make sure you see comparable sales that are within 3 months of today, within your zip code and school district and preferably, no farther away than one mile. This is what the appraisers will be looking at. If the sale price does not appraise, the deal will fall anyway.

Do not chase the market; be ahead of it.
1 vote Thank Flag Link Tue Oct 23, 2007
You are competing with Sellers tht have to sell. If you want to sell or need to sell, you should follow your brokers advice.

In this market if your home is priced "better than the othere" buyers will know and you might have competition.

I doubt this will be the case.

Price is the only factor that sells homes in this market.

If you want to get it done, drop the price.

Make your home stand out from everyone else.
1 vote Thank Flag Link Tue Oct 23, 2007
If your home is priced right from the beginning then you should be getting steady traffic especially early on in the first two-week or so. At this time you are the new home on the block (so to speak) and coming up when agents are searching for their clients and for buyer who are looking on their own.

In regards to the agents feedback…a couple of years ago when the market was fast and furious, it was not uncommon for an agent (myself anyways) to walk into a home and be able to determine it price within a reasonable margin of error; unless you have recently done a market analysis on a similar home the comments from these agents are just their initial opinions and nothing more. If you agent has done his/her work in pricing the home with the best “SOLD” comps you should be good.

“The Experts” are saying we are depreciating at 1%+/- per month so if that’s the case and you have a $300K home, that’s $3K per month. Pricing it correctly is “VITAL”! I on many occasions have spent hours digging into detail on home sale to come up with the right price only to have the sellers say OK and then want to add $15K to the price of the home for no other reason than it’s their home. Don’t get caught behind the market, I have personally seen too many homes priced higher than they should be when they come on the market, and by the time they start dropping their price the are dropping to a level that is still above the market price, never catching up to the declining market. That said 4-6 weeks before considering a drop.
Best Wishes.
0 votes Thank Flag Link Fri Mar 28, 2008
I found "Freakenomics" to be totally one man's opinion of the reason for certain statistics.
0 votes Thank Flag Link Tue Mar 25, 2008
I have a good agent and she is not pushing for a reduction on our property yet.

You should consider a reading "Freakenomics" by Levit. One example he gives is that in a sampling of 100,000 homes sold in the Chicago area showed that 3,000 homes were owned by the agents who sold them. The best way to compare whether an agent is working for you is to compare what they do for themselves vs. what they do for you. Of the 3,000 agents in Chicago selling their own homesites

1) The agent's home stayed on the market an average of 10 days longer than those of their clients
2) The agent's home sold for an average of 3% more than those of their clients

In the book, Levitt goes into more depth explaining why an agent would sell your home slightly faster for less (if you hold out for $5,000 more dollars for you this means only an extra $89 for the agent)

Personally I am holding out for more and my agent is giving me updated competitive analysis of the homes around me and the prices they sold at as well as how long they were on the market.

Good luck!
0 votes Thank Flag Link Mon Mar 24, 2008
I ask my sellers a very important question; what are you committed to? Selling or a number? If you are not committed to selling, why is it on the market?

While you are waiting to hit a number, the price you might sell it for today, will not be there tomorrow when you finally decide to lower it. If you don't have any offers...it is too high (assuming it is being well marketed).
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Mon Mar 24, 2008
don't sell your house, not a good time to sell your house
maybe wait until 2010
of course, I will probably get the "thumbs down" for telling you this


good luck
0 votes Thank Flag Link Mon Mar 24, 2008
The first 3 weeks is critical to putting in place all agreed to marketing and evaluating all activity with your home. If the house was comped initially correctly and then priced as the best...wait 2 weeks, (4 weeks total) have your agent redo the CMA then, drop the price 5% (make sure it is the best priced home compared to comps..adjust price accordingly) (if you are truley motivated to sell), the weather will be better and activity will pick up. You will still have more fire power in reserve. Look for price points also..i.e. $299,000 vs $309,000.
0 votes Thank Flag Link Mon Mar 24, 2008
What is your Realtor doing to market the property other than the MLS? What websites has it been added to?
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Tue Mar 18, 2008
Hello Daisy,
If you live in a typical neighborhood and your house is being shown regularly each week, I recommend waiting a month before lowering, and even then you might not want to change the price, especially if it is priced competitively. If there had been no showings, that would be a sure sign it's price too high, and I would recommend lowering it after about two weeks. Some areas simply take longer, especially rural areas where homes are on acreage. Your agent should be able to tell you what to expect in your area. As for how much to lower, your agent should be able to guide you; that's why you hired him/her.
Web Reference: http://www.joannco.com
0 votes Thank Flag Link Tue Mar 18, 2008
Richard wrote:
Hi Daisy, I would wait a up to 1 month, then make a reduction. I recently wrote an article on how to compel buyers to accept your offer. here is the link: http://estatesla.blogspot.com/2007/10/selling-idea.html
Interesting little article. I find that pricing a home in a range accomplishes the same thing. Not enough agents use value ranges to price their listings.
0 votes Thank Flag Link Fri Oct 26, 2007
Hi Daisy,

This is always a tough question to answer without knowing the property or area. You have had a number of good suggestions from the Trulia Voices.

My additional suggestion would be to ask your Real Estate Agent to update you with the competing properties currently on the market in your area (same town if possible). What else is available in your price range? Is the condition and price of your property enough to make it stand out from the rest? In this market, you need to be the most appealing home for the price to attract buyers to come look.

I also agree that photos and tours are essential to buyers searching the internet, so you may want to see if having the tour running results in more showings.

Rose Censullo
Web Reference: http://www.verani.com
0 votes Thank Flag Link Wed Oct 24, 2007
Do you want to sell or do you want to stay? Your professional real estate agent is trying to keep you ahead of the market. The market is what talks to us. Only one showing would indicate to me that there is a problem. I would look at price, location and condition of the property. Which one of these can you or would you change to effect more market activity? If you truly want to sell, you must compete and todays competition is very motivated to achieve the goal of selling their home. Best of luck to you.
Web Reference: http://www.SuzanneDamon.com
0 votes Thank Flag Link Wed Oct 24, 2007
I agree 100% with Gail's answer.
Web Reference: http://www.erinattardi.com
0 votes Thank Flag Link Tue Oct 23, 2007
Erin Stumpf…, Real Estate Pro in Sacramento, CA
I would consider a reduction in the first two to three weeks. You want to stay ahead of the market.
0 votes Thank Flag Link Tue Oct 23, 2007
Pam Winterba…, Real Estate Pro in ,
Hi Daisy,
I normally suggest dropping the price after 30 days. However you have only had one showing, that's not very good for a new listing. We are coming into the slowest time for real estate (Thanksgiving to January 1st) so you don't have a lot of time to lose. I'd either drop it for the weekend or right after. However a ten percent reduction does seem extreme.
Good luck, Michael
0 votes Thank Flag Link Tue Oct 23, 2007
Hi Daisy, I would wait a up to 1 month, then make a reduction. I recently wrote an article on how to compel buyers to accept your offer. here is the link: http://estatesla.blogspot.com/2007/10/selling-idea.html
0 votes Thank Flag Link Tue Oct 23, 2007
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer