Home Selling in Chesterfield>Question Details

Jay Stone, Home Seller in Chesterfield, MO

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

Asked by Jay Stone, Chesterfield, MO Wed Oct 17, 2007

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12
Well, the first problem is that the immediate answer you are coming up with is to drop the price. The problem is that there are very few realtors out there who know how to sell and it shows in the responses to your question. None steered you to a better answer by asking you what makes your home special or how you compare to the rest of your neighborhood, area of the city, etc.. They suggest dropping the price when they don't know how to make your home stand out or find the right buyer. Do you want Walmart to sell your home with low, low prices or Whole Foods?
0 votes Thank Flag Link Sun Oct 17, 2010
It is true that dropping the price is not the only solution in all cases. I, in fact, wrote a booklet on Positioning for Optimum Performance which shows how to address all the factors for positioning properly in the market and although very important, price is certainly not the sole factor. Having said that, the market is quite stroing, so if the property seems to be languishing on the market, a re-positioning would be called for earlier rather than later.
Flag Fri Mar 7, 2014
It depends on how many showings you are getting. No Showings lower it. Many showings no offer, lower it.
All homes sell at some time at some price. You need to stand out somehow. Try to offer an incentive.
" movein by Christmas Receive a $1000. Gift card.
Web Reference: http://www.kennaandco.com
0 votes Thank Flag Link Tue Nov 20, 2007
The answers you received were excellent. The answer is now or take it off the market. Even if it isn't on the market now, drop the price. Unfortunately, you have a small window of opportunity and a lot of competition. The first window of opportunity is when the house first goes on the market and is fresh, new and exciting. That is the same time that buyers who want your home fear that someone else might want it too. They need to react quickly or lose it. The second window of opportunity is the time of year. If you don't sell it soon, it will probably sit through the holidays and become far more stale and less desirable.

Good luck,
Ruth
0 votes Thank Flag Link Sun Oct 21, 2007
Ruthless, Other/Just Looking in 60558
MVP'08
Jay,

This is probably one of the most common questions that home owners have. When selling a home, there are few things that are more inportant then pricing your property properly. Keep in mind that pricing a home is not a science, it is an art. Furthermore, it is critical that you and your Realtor are working toward the same goals. With this in mind, I recommend that you work with your Realtor to develop a pricing strategy.

This strategy would start with what your needs are (how much are you into the home? how much do you have to clear? how quickly do you need to move? etc), once you have clearly identified your needs and goals then you can build a strategy around that. My team does this with every home that we sell prior to listing the home. By doing this, you are being proactive and not reactive. You already have a plan to follow based on specific benchmarks (number of showings, offers received, internet activity, etc.)

My other recommendation is to ask your realtor for a weekly status report. Ask them for information on showings (and the feedback from showings), number of hits on the listing online, and number of times the listing was emailed or called on. Not every agent will have this information readily available, but all agents can provide you with it, and the good ones will not only have this info, but should be able to explain any trends and give recommendations based on the data. Lastly, remember that all real estate is local. This means that the market for your home is specific to your home alone. Working with a professional who understand the market not just in Missouri or Chesterfield, but your individual sub-division is essential for a smooth sale.
0 votes Thank Flag Link Sun Oct 21, 2007
You should review your showings first. Ask youself Do I want to sell my house ?. If you think your house is overpriced compared to other houses in the area. It is time to lower the price. Houses do sell faster if they are priced right. Good Luck !!
0 votes Thank Flag Link Sun Oct 21, 2007
Hi Jay, I'd say 3-4 weeks. Good luck.
0 votes Thank Flag Link Thu Oct 18, 2007
As soon as you think your price might be high, reduce the price immediately. If you are sitting there after three weeks I always recommend a price reduction.
0 votes Thank Flag Link Wed Oct 17, 2007
Pam Winterba…, Real Estate Pro in Danville, VA
MVP'08
Contact
How I tend to work this issue is as follows:
I market my listings and log all and any activity/interest in the home. I keep on eye on the traffic levels and what kind of feedback I get. If I continue to have really good traffic within the first 60 days.....I tend to leave the price where it is. If the traffic levels have slowed down and have not had any offers, I would suggest to have a price reduction. Hope this helps a little.
0 votes Thank Flag Link Wed Oct 17, 2007
Sooner vs. later. As soon as you know that the competition is outpacing you. Buyers choose the best value offered on the market. If your competition is getting attention and you are not, it is a clear sign of overpricing. Did your Realtor host a broker open? Any feedback on pricing from it? How many inquiries does your broker office recieve on your property vs. others? You need to outshine the competition. The second it becomes apparent that you are not, reduce your price. Even if that is 1 week after being on the market.
0 votes Thank Flag Link Wed Oct 17, 2007
Deborah Madey, Real Estate Pro in Brick, NJ
MVP'08
Contact
How quickly do you want to sell? Do you have a homesale contingency on a purchase? Your motivation should highly be considered in addition to everything mentioned in previous answers.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Wed Oct 17, 2007
Jay -
There are two factors that affect this answer...the origional pricing (assuming you or your agent really priced it to the current market and not too high to start), your location...some areas of Missouri are being hit harder than others, even some neighborhoods...and your selling range ( house that are $750,000 versus those at $150,000 historically sit longer).

The real way to tell whether you need to drop the price is by the amount of showings without getting an offer. You get the most people through when it's fresh on the market (typically in the first 4 weeks). If you've had a lot of people through and no offer (even one that's insulting), and your feedback doesn't indicate a problem, then you need to drop the price.

Your real estate professional should follow through on all showings and get all the feedback possible from the other agents and their clients as that's where you'll get the best information about pricing. In a buyer's market you need to put the best foot forward condition wise and be agressive in your pricing from the beginning. Pricing your property too high hurts you in the long run. Be aggressive...be realistic...be open and flexible to what the market tells you.
Web Reference: http://www.TalkToTrisha.com
0 votes Thank Flag Link Wed Oct 17, 2007
The moment you realize that a lower price will sell it immediately....
0 votes Thank Flag Link Wed Oct 17, 2007
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