How long on active listing before possible price adjustment?

Asked by Steve, 12721 Mon Aug 31, 2009

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6
James ORourke, Agent, MONROE Township, NJ
Sat Oct 31, 2009
Normally it depends on the seller and how quickly they need to move on. Most of the time after 45 days I would make a recommendation if no activity that we should look at the selling price.
1 vote
Joanne Miller, , Warwick, RI
Sat Oct 31, 2009
Hello Steve,
Just saw your question on Trulia, I am new to the site so didn't even see your question on the dashboard till today, 10/31/09!
Anyway, rule of thumb we generally used at Coldwell Banker ( I am no longer with them but they offered great training), was to drop the price 21 days after it first comes on the market, then every 7-14 days after depending how fast you want to sell. There is a price point that the general consensus will pay for a house and the public will tell you what it is by when the price brings in a lot of offers. Also, that way the house keeps coming up with the new listings searches due to the price change; thereby increasing the viewings of the house online.
1 vote
John Kavaller, Agent, Middletown, NY
Sat Oct 31, 2009
Hello Steve,

Your house asking price should be pegged to comparable sold properties within the last 12 month. By researching the original asking price of comparables and noting the actual sold price, you'll get a very good estimate of where your house might sell given the local market conditions. Unrealistic pricing will not draw serious looks. I suggest you re-price your home based on the above considerations.

If you are not in a rush and have a solid property, you can afford to wait out the current malaise within our market here in Sullivan County, NY. The flip side, or needing to sell relatively quickly--you need to lower your price until interested buyers begin showing up and perhaps take a loss if that's what the market dictates.

John Kavaller: Catskill Sales Associates. Inc. Jeffersonville, NY 12748 845-482-3200
1 vote
Ralph Windsc…, Agent, Hauppauge, NY
Tue Sep 1, 2009
Hi Steve:
In the marketing of a home, the first 4 to 6 weeks are very telling. New listings get the most attention for the first 4 to 6 weeks they're on the market. Unless the property is very unusual or in a very rural area, the rule of thumb is - if you get 10 showings and no offers within the initial 4 to 6 weeks, you're close - the real estate community believes the house is priced right but the buyers don't. In this case, a minor adjustment may be warranted. If you see little or no activity, then a more dramatic decrease would probably be warranted. I would also recommend that you have your agent check the "under contract" sales from the date of the listing to see where the activity is. Good luck.

Ralph Windschuh
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
1 vote
Christine Lo…, , 85248
Mon Aug 31, 2009
Is your home competitively priced? Your agent probably showed you comparables before you listed. Is your price in line with others in your area?

Are you getting showings and feedback from the showings? The feedback may give you a clue to what is wrong. It may be a quick fix, clean up or spruce up of curb appeal. Check this before you lower the price.

If you haven't had any showings in the first two weeks on the market, your price may need lowering.

So the answer is, it depends.
0 votes
Patrick Thies, Agent, Anytown, IL
Mon Aug 31, 2009
Are you getting showings and no offers? Are you getting showings at all? All depends on what kind of traffic you are getting. What is happening in your area? Are other houses getting showings and or selling?

Make sure that you are priced competitively with the other homes for sale in your area. If you already are then try pricing it just below the competition.

As far as when to reduce, the sooner the better.
0 votes
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