Home Selling in 08854>Question Details

Av, Home Seller in Chandlerville, IL

DROP ASKING PRICE BY $10,000

Asked by Av, Chandlerville, IL Sat May 9, 2009

MY HOME HAS BEEN ON THE MARKET FOR ABOUT 35 DAYS NOW, AND MY REALTOR IS TELLING ME TO DROP THE ASKING PRICE BY $10,000. SHOULD I DROP THE PRICE AFTER ONLY BEING ON THE MARKET FOR LESS THAN 2 MONTHS. I AM NOT IN A RUSH TO SELL QUICKLY, ONLY BECAUSE WE WANT TO GET THE DESIRED PRICE FOR OUR HOME, AND I THINK TO DROP THE PRICE BY 10K IN LESS THAN TWO MONTHS MAKES IT SEEM LIKE WE ARE DESPARATE TO SELL

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10
Av,

If you are not a serious seller perhaps your best option may be to remove your home from the market. Sellers that are not seriously motivated or have their property over priced, that are creating a "false market."

The current market is not one that supports sellers holding out until they get their desired selling price. Both Agents and sellers need to come to grips with prices that are in step with the local real estate market and are priced competitively with short sales and foreclosures in mind.

The question we ask our perspective sellers is: "Do you want to list it to sell it or list it for the sake of listing it?" This is NOT the market for listing without a serious intention to sell.
3 votes Thank Flag Link Sun May 10, 2009
If you are willing to make the drop of 10K suggest doing it $1,000.00 every two to three days. If like my mls, it will show up as a reduction to agents each time. You could even state in agent remarks that is what is planned (may spur someone to make an offer at the level you plan to end at anyway)

Kenneth "Ken" Verbeyst CRS GRI ABR SRES GREEN
Broker Associate
Licensed PA&NJ
Prudential Fox&Roach
1 vote Thank Flag Link Sun May 10, 2009
AV
Almost two months on the market and no offers? 10K drop, what % is it of the asking price?

let me remind you that The Realtor 's job is to market your house and get you the highest sale price,
so he must be doing this to increase the traffic and or perhaps the house was overpriced in the first place.
and if you are not comfortable with this 10k drop, just ask your realtor to explain the reasons.

Good luck
A.J.Zaki
1 vote Thank Flag Link Sat May 9, 2009
Barbara...do you realize Bill answered in 2009?
0 votes Thank Flag Link Wed Apr 17, 2013
Bill it has nothing to do with being a serious seller, when a Realtor tells you that the price is good and you sign them to sell, don't then tell them they need to lower their price. That is unethical and gives good Realtors a bad name. It happened to me and now I do not trust Realtors like People do not trust lawyers. Don't tell people things to get a listing.
0 votes Thank Flag Link Wed Apr 17, 2013
There are too many factors involved for a simple black and white answer. (Price,Condition,Location,BR's,Etc)

The devil is in the details. In this market a $10,000 reduction on a $350,000 house will not have an impact!!

IF YOU DON'T HAVE TO SELL YOU PROBABLY WON'T SELL! You are competing with short sales,forclosures,estates,bankruptices etc.

If your Realtor has a record of results, reasons that are verifiable and have been proactive in marketing your home they are probably giving you great advice.

Good Luck!

Ed Nugent
Century 21
(732)266-7311
0 votes Thank Flag Link Mon May 11, 2009
You are Lucky. Your realtor is telling you the truth!

My experience as a home buyer is that nearly all the homes are overpriced in this declining market. If Realtor is asking for 10K, I would recommend you to drop more than that if you do not want to sit for long time to come!

Good Luck!
0 votes Thank Flag Link Sun May 10, 2009
AV
Market time is death to home values. In my MLS homes that sell within 30 days sell at 99.7% of asking price At 120 days that drops to 92.3% of asking price.

The key is showing activity. We expect 10-12 showings or one offer in the first two weeks on the market. If we do not see that, we adjust the price. You should adjust the price each week or so until the property is sold.

You are in a declining market. Unless you have money to burn, I'd advise to sell now at a price buyers will buy. Ask your Realtor, since your home went on the market, how many homes, like yours have:
Come on to the market
Lowered their price
Entered escrow
Sold
Expired.

The truth is in the facts.

Good luck.
0 votes Thank Flag Link Sun May 10, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Time and again I see sellers who are waiting to get their price. Invariably they end up with less than they wanted and often less than an early offer. If you truly want to sell your house, drop the price now. It does not make you appear desperate but motivated and realistic. These are traits buyers appreciate in this market.
0 votes Thank Flag Link Sun May 10, 2009
I would drop the price 3% each week until you are in contract. The longer your home is on the market, the less it will most likely sell for. Two months is a LONG time.
Web Reference: http://cindihagley.com
0 votes Thank Flag Link Sun May 10, 2009
Cindi Hagley…, Real Estate Pro in San Ramon, CA
MVP'08
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