is it normal to drop a homes price the first week of the realty contract before its even advertised or shown ?

Asked by Dana Mcdowell, 90805 Tue Mar 1, 2011

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Karen Nicolls, Agent, Lakewood Ranch, FL
Wed Mar 2, 2011
Unless the property is a short sale or a foreclosure a good "rule of thumb" for reducing the listing price is two week on the market with no showings or with 10 showings and no offers. Also, unless built in price reductions were part of your Listing Agreement it is unusual to reduce the price on a property so early. However, our market is unusual. Have you ask your Realtor why he or she felt a price reduction was necessary?

Karen Nicolls, Realtor, CDPE
Keller Williams Realty of Manatee
Web Reference:  http://KarenNicolls.com
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Mar 2, 2011
Many factors come into play HOWEVER I would think ODD considering 1st week is spent in MLS, pictures, setting up the entire process. Good agents can take several days to week for all related templates and etc. involved to market a home.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
Bill Eckler, Agent, Venice, FL
Wed Mar 2, 2011
One would have to question this action....since it normally requires several weeks to implement a comprehensive marketing plan that generates the visbility associated with a successful listing.

A price reduction after only one week does seem premature.
0 votes
Deborah Lon…, , Torrance, CA
Tue Mar 1, 2011
Dropping the price so quickly is not a common practice among real estate practitioners, if that's what you are asking. There very well could be a good reason it was recommended to you. I suggest you ask your REALTOR why or what is causing the desire for him or her to drop the price. Good communication is so important when selling or buying real estate-or for that matter, in most any aspect of daily living. Good luck to you!
Web Reference:  http://DeborahLondon.com
0 votes
Mark Porter, Agent, Pensacola, FL
Tue Mar 1, 2011
No, that is not normal unless it is a shortsale or foreclosure and the seller or realtor received instruction from the bank to lower the price based on new information coming in.
0 votes
Clyde Rasmus…, Agent, Boise, ID
Tue Mar 1, 2011
First there is no "normal" in this market. Competition from new listings in your subdivision or even on your street may be a good reason to change the price in the first week. The agent may suggest a price change to make you competitive with what is going on around you. Give thought to what the agent is showing you regarding active, pending and sold listings. The final say in a price change is the seller's decision.
0 votes
Maya Swamy, , Long Beach, CA
Tue Mar 1, 2011
Only you can change the listing price. If the Realtor has new facts for you about the market you might want to consider it. Otherwise I would recommend letting it ride to see what the market reaction is.
0 votes
Sally Grenier, Agent, Boulder, CO
Tue Mar 1, 2011
Only you can agree to a price reduction.
0 votes
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