The Best Time to Lower the Price on Your Listing

When you first list your home something magical happens. Like a new kid at a high school dance, all eyes are going to be upon your listing. Buyers and agents alike are going to make some rapid judgments about your home: is it over priced, is the condition of your home in good shape, and is the location an ideal location for the buyer.

The first impression of your home in the first few weeks of it being listed is going to determine whether or not people come to see it. If you're not getting very many showings or no showings at all, you’ve got a problem. It means that the market as a whole is rejecting your value proposition.

“The sooner you lower the price, the better..”

At that point, the only thing that can typically be done is to lower the price and the sooner, the better. You may be thinking, “Why in such a short time? Why not keep the price as it is for a few more weeks?”

Think of the real estate market as an audience in a movie theater. When the movie first hits the screen, the audience members are going to make a determination about whether they like the movie or not. More time isn’t going to change their minds. At that point, you’re just waiting for new audience members to trickle in and against all odds, they love it.

More than likely, the best decision when you aren’t getting showings is to edit the price and get it back up on the MLS.

If you have any questions about this topic or you’re looking to buy or sell a home, give me a call. I’d be happy to help you!

Post a Comment