How Long Should a House be on the Market Before a Price Reduction?
That really depends on the situation. As a rule of thumb, you should consider re-positioning your home at 30 days if you haven’t had an offer, or after 10 showings that haven’t produced an offer, whichever happens first.
If you’re not getting showings, that tells us that agents are rejecting your listing in favor of other listings that are a better value for their client.
If you are getting showings – but no nibbles – then that tells us that buyers are rejecting your listing in favor of other homes that are a better value.
Real Estate markets are dynamic – and it’s critical to be constantly monitoring changes in activity. At Liz Moore & Associates, our agents sign our sellers up for “get the scoop,” which enables our sellers to receive e-mail alerts every time a new listing hits the market, a home goes under contract (or closes, or expires) in their neighborhood. That way we can watch the market together, so that we can immediately take action if re-positioning becomes necessary.
The first step in pricing your home right is finding a professional real estate agent who can help you do just that. Email us at concierge@lizmoore.com or click below for a complementary market analysis on your home.
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