Home Selling in 98626>Question Details

Sabrina, Other/Just Looking in Washington

How long should a person wait to lower the price of their home.?

Asked by Sabrina, Washington Fri Jun 6, 2008

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If you are not getting significant activity in the first two weeks, it's definitely the price. The is usually the best selling season.
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1 vote Thank Flag Link Sat Jun 7, 2008
Marie

Your profile says you're a home buyer. Are you waiting for a seller to lower their price? If so, you may have to wait a long time if the seller has no real motivation to sell. Make your offer now and trust your agent to negotiate the sales price you want.
0 votes Thank Flag Link Sun Jun 8, 2008
I do not think in this market or any other time that you should have a set time of when you lower the price on your home. Many factors play a part in selling your home outside of just price. It could be your location, the size of your house or maybe your price.

Ask yourself how soon you truly want to sell your house? Do you want to sell in 30 days? If so price it to sell in 30days. If you are not in a hurry and you have it priced correctly then wait. There is always a buyer out there but it just sometimes takes time.

Good luck on selling your house..........................Melanie
0 votes Thank Flag Link Sat Jun 7, 2008
Washington State still has a fairly good economy in terms of housing, as compared to some states, however the market is still a buyers market and sellers who are motivated and really need to sell must judge how long to wait depending on their own particular need IMHO.

In general when I list a home for sale I ask the owner to allow 2-4 weeks to judge what the reaction of the public and other agents are, in terms of traffic to our monitored sites, showings and feedback. If our feedback suggests that the price is too high, its best to confront it as soon as possible if the seller is serious about selling. Some sellers simply cannot or will not go lower and either end up loosing their homes... or the smart ones will rent out the home rather than loose it. Renting with a Professional Property Management company can in some cases save the day for the owner, who may not have thought of this option.

Overall, waiting too long is not a good thing in general. Best policy is to price right to begin with.

-Don / Broker
0 votes Thank Flag Link Sat Jun 7, 2008
First Keith, I assume you meant 10-12 showings and 20-24 showings instead of 'offers'.

Hi Marie:

Depends on how motivated you are and how your house is priced against other houses. If you are anxious to sell and the house is overpriced, then some broker lower it in a few days. Otherwise, wait for a couple if weeks then make a price adjustment that's significant enough to make the reduction stand out.

The market is just slow, I hate to say this, sometimes lowering the price might not have immediate effect - if the buyer's do not happen to be there at the time. It just takes time.

Sylvia
0 votes Thank Flag Link Sat Jun 7, 2008
Sylvia Barry,…, Real Estate Pro in Novato, CA
MVP'08
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If your home is a 3-2, the input you have received is good advice. If it's a 2 BR or 5 BR, there is less demand, and it may take a bit longer.

Have your agent review other factors with you too: curb appeal, staging etc.

If you listed at the high end (or, perish the though, too high), you might also consider amending the listing to include buyer closing costs (3% or more) instead of lowering the price. This is especially effective if the home is within the price range in which first time buyers are buying.
0 votes Thank Flag Link Fri Jun 6, 2008
Marie
HI, I'm from Pullman, my wife is from Shoreline.
It you don't have ten to 12 showings or one offer in the first two weeks, lower the price 5%.
You need 10-12 offers in a normal maret to get one offer, in slower markets it could be 20-24 offers.
Homes that sell in the first 30 days sell closest to list price.
0 votes Thank Flag Link Fri Jun 6, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Where are you priced in the market now? Are you ahead of the market, in the market, or chasing the market? That is to say, how do you compare to the competition in price and condition?

Are you getting showings? Have you had any offers? What is the feedback?

When do you need to move?

These are the questions that will help you decide when & how much to lower your price.

Best wishes! Linda
0 votes Thank Flag Link Fri Jun 6, 2008
I know you are in Washington and that your market may be totally different than ours. In our market - if you haven't had activity and maybe an offer with in the first 30 days you should start looking at changing your price. After that I would look at the market every 2 weeks, depending on how ready, willing and able you are to get your property sold!
0 votes Thank Flag Link Fri Jun 6, 2008
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