Keri, Both Buyer and Seller in Georgia

How long should my home be on market before lowering price?

Asked by Keri, Georgia Fri Dec 28, 2007

Relocating from GA to MA
Need to sell for downpayment on next home

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Answers

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Deborah made most of my points. It is extremely important that you and your Realtor stay in consistent communication. If you have had alot of activity and no offers, what are the comments from the Buyers? Have you had no showings at all? Buyers have so many choices now, and can be extremely selective. You want Your home to be the BEST choice. That can be done with being the Best Value in the eyes of the Buyer. You know how much time you have until you have to make your move. If you know it takes say 90 days avg to sell in your area, and you need to move in 45 days - you may want to make price adjustments sooner than later. Your agent can evaluate your local market conditions and advise you accordingly. All the Best to you in your move!
0 votes Thank Flag Link Fri Dec 28, 2007
How did you arrive at your asking price? Were you provided pricing opinions by Realtors who provided you a CMA? How credible was the CMA? How knowledgeable and accurate were the Realtor(s) who provided you guidance? Did you price at or near the suggested target provided in a CMA?

I have pushed aggressively for a price reduction the very first week, when I knew it was in my sellers best interest. For example, if I do a broker open house the first week and receive feedback from the Realtor community that is consistent, I place great value on that and encourage my seller to take action accordingly.

How long will also depend upon the type of property and the tide at which the market is moving. I do not have a standard of 2 wks, reduce "x%". For example, historical homes frequently take longer to sell than newer homes. Non conforming homes that are unique for an area may take longer to sell. When providing pricing advice, I evaluate the comps, the potential pool of buyers for that type of property and the activity levels in the market. i.e. A home with 6 garages does not have universal appeal to all. It may require more time to find a buyer as a result. I guide my sellers to be more attractive than the competition. I have heard and read many "rules of thumb" over the years in real estate, such as this many days without a contract means "do this." I do find these rules of thumb to be menaingful for properties that are reflective of the stronger moving styles in normal markets. In a market not heavily saturated with inventory, where colonials rule, I would look for a price reduction by the second week, if we had no showings or if we had feedback to warrant such. In the advice that I provide for my seller clients, the "rules of thumb" are guidelines which I incorporate into the evaluation with many other factors.
0 votes Thank Flag Link Fri Dec 28, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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