When houses in your neighborhood are sold at "discount" prices that sets the tone for the rest of the market. It is that very force that is driving prices down nationwide and almost NO market has escaped the pressure of foreclosures driving prices down.
That being siad, having had your house on the market for 21 days is not significant. The number quoted above as under 100 days is an average number and is near 100. So you must expect to wait, but as you lower the price you will get more activity, but don't lower in small amounts. If your house is priced at 95% of what others are priced at,, then reduce it another 5%. If you move the price down in small chunks, you will only delay the sale.
Consult with your agent if you have one and ask them where the price should be? Also ask your agent how long he has been in the business and whether or not your agent is full time. Both are very important.
I would recommend you make sure you are able to find your house online....85 -90% of people start their search on the internet and you want to make sure that your house stands out on all of the major websites with virtual tours and the maximum allowable number of pictures.
(ps--I own property in Atlanta myself, ITP)
I just saw your post, thanks. I didn't say that I don't like Duluth, I also think it is a very nice place to live...hence my surprise that there seemed to be little interest in the area.
I don't quite understand your comment regarding my house being overpriced - "I know that, and I also know nothing about your particulars. I'm not looking at it online. "
So you mean that the fact that the house hasn't sold (in 3 weeks at the time of my original post) is the only indication that you need that it is overpriced? Seems a little simplistic to me, considering that the house has some unique features that have limited appeal (only one room in the entire house has carpet).
Judy and Andy seemed to have it right, as I have had a lot of activity on the house since the 4th of July weekend, and have received two offers and strong interest from a couple others.
In any case, thanks to everyone for your comments.
Has Duluth "fallen out of favor?" When I lived there 13 years ago, and when I experience Duluth now, I say - NO WAY. Duluth is a remarkably improved city. Aren't the Gwinnett Place Mall developers stepping up and doing some major improvements?
I know that there are some pretty weak retail amenities - lots of car dealerships, but the Duluth downtown along Buford is a nice little spot. The Rexall rocks. (is it still open?) Some of the neighborhoods have large per capita income averages. Golfing. Parks.
Nevertheless, why not a "drastic cut?" This is about maximizing equity preservation at over $1500.00 cost to you every 30 days. No one is going to pay your price, and your asking price isn't attractive enough.
I know that, and I also know nothing about your particulars. I'm not looking at it online.
Think about your buyer - the one coming in the next 30 days to buy a family house in an affordable Duluth neighborhood. They probably won't come look at your house right now. It's overpriced.
Fortunately, there are very few 4BR foreclosures in the area...there is one in my neighborhood, but it is in pretty poor condition. I may have miscalculated by thinking that updating everything in the home, and pricing slightly under all the comps would result in a quick sale. I guess in this market buyers don't feel any pressure to make quick decisions. I've had very positive feedback from agents, but in every case there is either a deficiency which is out of my control, or the buyer is "still looking".
The big problem for me is that I have already moved from the property, so every month that it sits on the market costs me about $1500. Since it is already competitively priced, I'm not sure that another cut will guarantee a quicker sale (short of a drastic cut of $20k, which I wouldn't do anyway).