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.
Kenneth "Ken" Verbeyst CRS GRI ABR SRES GREEN
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.
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.
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!
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
The truth is in the facts.