When should we reduce the price of our house?
How soon after listing your home should you consider reducing the asking price? This is a question you should be discussing with your listing agent. Their knowledge of your area, home prices, days on the market and the amount of traffic you have received will play in to their suggestions on price adjusting.
Typically a home will receive the most interest and traffic within the first 1-5 weeks. If your home has received zero or limited buyer traffic and no offers you will need to consider:
- Did you list the property high to begin with?
- Has the home been readily available to show?
- Was there a delay with entering the home information in the MLS or a delay in starting the marketing efforts?
If you find none of these apply to your home then follow up with your agent and ask them:
- Have similar homes in the area gone under contract since you listed?
- What has been the feedback from; agents who showed the home? The office caravan? Buyer calls from signs and marketing?
Armed with the information from those questions and re-examining the statistics for the area coupled with your motivation to sale should be enough to help you determine if now is the right time to reduce the asking price of your home.