How long does it take for the price of a home to go down?

Asked by Sarah Elgabri, Collegeville, PA Sat Dec 3, 2011

How long does it take for the price of a home to go down?

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Jolie Muss, , Upper West Side, New York, NY
Sun Dec 4, 2011
Sarah,
There is no specific time as it depends on many factors such as urgency to sell, pricing and many others.
As you are a Home Buyer, if there is a home you are interested in, you can have the broker or agent (preferably a buyers agent/ broker) help you determine and present an offer that might get you the home at the price you are looking for.
Jolie Muss
Licensed Real Estate Broker & Brokerage
331 Columbus Avenue, New York, NY 10023
Office: 212 721-3301 Email: joliemuss@joliemuss.com
0 votes
Laura Feghali, Agent, Stamford, CT
Sat Dec 3, 2011
Hello Sarah,
Every seller is different in their situation. Some are more motivated to sell than others. Some agents take a listing knowing that it is overpriced but think they can persuade the seller to reduce their price particularly if the home has little or no showings after some time on the market.

I advise my clients that if we have very few showings and no offers within a 3 week period then we need to look at reducing the price. Going over a comparative market analysis to determine what other similar homes have sold for recently in the neighborhood helps to better understand what the home is worth in today's market.

Hope this is helpful.
Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sat Dec 3, 2011
If asking about a specific property, any price changes are decided by the owner; if interested in a property, and before making any offers, review comps with your agent, recently sold similar properties in the immediate area, see what the data suggests and go from there.
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Sat Dec 3, 2011
Impossible to say. Sometimes price go up and sometimes they go down. Home prices are way down now compared to 2007. Each area is different around the USA.
0 votes
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