When do you know it is time to Lower your List price?

Real Estate Agent with Godzyk Real Estate Services NH License 033394

A question people try to avoid, especially home sellers. Before I tell you my thoughts, here is the scenario. A home is listed. The seller insists of listing at an amount higher than all sale comps in the area. For those non agents, a comp is a home that has sold in the last 6 month's or a home for sale, usually within the same or similar neighborhood as the home for sale. It should be within 20% in size, 20 years in age and be of a similar style and condition. We add or deduct for upgrades or repairs.


Here in the Manchester NH area, there is a shortage of homes for sale in some areas, so those homes that have sold carry a greater weight to base price and or value on.


The questions are how long to you wait to lower the price? How do you know it is time?



So this luxury home is listed. There are very few comps in this small upscale town. Using comps from similar surrounding towns are necessary. The homes that sold show us what the home will most likely sell for and what we should ask.


The seller insists on listing it higher than any home this size in town. It has some features and upgrades that no other home for sale has. 


I let them know we can sure try the higher price. That in my business I use a "splash marketing" program that splashes ads and marketing everywhere to reach potential buyers. In most cases within 2 weeks I know if the price is too high based on conversations with those inquiring about it. I let them know we can try the higher price, but should reduce the price if the market deems it "too high."


How do we know if it is too high? How much time do you wait? Those are both questions from, most sellers. The easy answer is if you have a limited amount of showings, you may be too high. Most important is the comments from those who have seen it. We have had a slow but steady flow of showings with out any offers.


I like to track the showings and two of the buyers bought other homes in town which were larger in size and lower in price. Right there tells me we are over priced and the price needs to come down. 


The seller has chosen not to reduce the price despite the facts. We can discuss "timing the market" in an upcoming blog. Which means simply what time of year you list. Our fall market rivals the spring market but runs September and October and sharply comes to an end when we approach Thanksgiving. Waiting to put the home on the market, missed them the fall rush.


The moral of the story is that a home seller needs to work with the listing agent, not against them. We all know that there is a difference from agent to agent.  That a Buyer or Seller should not choose just any agent, choose the BEST agent for the job. The key to this story is take the advice of the professional if you want to sell your home.


My philosophy is simple, provide more personal and professional service to guide my clients through each step of the buying or selling process. All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest. Those that hire me, find a dedication like no other.


To CONTACT Scott Godzyk please call 603.661.2121 or EMAIL: Sctprop@aol.com .


About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. Proud to be locally owned and operated with 30 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area.We are Full Time Agents ready to serve all of your Real Estate needs. Servicing Hillsborough, Rockingham, Merrimack and Belknap counties. 





We stand by you through every step in selling your home


Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Ron Barnes 11/19/2017 06:10 AM
  2. Ginger Harper 11/19/2017 06:32 AM
Home Selling
New Hampshire Rockingham County
The Art Of Marketing You
Bartender, Make it a Double
Old Farts Club

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Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Thank you Ron Barnes 

Nov 19, 2017 06:57 AM #45
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Mr seller perceives the home to have more value that any buyer will see. Time will tell Shirley Coomer 

Nov 19, 2017 06:59 AM #46
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

True story Richie Alan Naggar 

Nov 19, 2017 06:59 AM #47
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

And that is what is happening here Patti Irwin 

Nov 19, 2017 06:59 AM #48
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Area Real Estate

Testing the market is helping no one. Great example of buyers finding the right value for them.

Nov 19, 2017 01:26 PM #49
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I hope home sellers will read this post and learn from it. 

Nov 20, 2017 03:00 AM #50
Betsy N. Robinson - Serving the Sandhills, NC
Everything Pines Partners, LLC. - Whispering Pines, NC

While pricing is an art, not a science, we will not place a home on the market  that is overpriced.  If we are assured the listing, we undertake, at our cost, a full appraisal in advance to confirm our prcing analysis and hold the initial listing price to within 97% of that result which usually is very close to our own.  As a result, we have sold every home we have listed in 10 years except one, and our avarage is under contract within 31 days at 98.1% of initial asking price.

Nov 20, 2017 04:17 AM #51
Marney Kirk
Cummings & Co. Realtors - Towson, MD
Towson, Maryland Real Estate

Scott, I am sorry the seller isn't listening to you. You have presented the facts, market data, timing issues, and good reasoning. Hopefully the seller will come to learn those are all important factors in pricing the home correctly.

Nov 20, 2017 11:26 AM #52
Jeff Dowler
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

Hi Scott

Great discussion here on an important topic. I suspect we all generally know when it's time for a price adjustment, but so often sellers don't despite all the evidence. Too bad this seller isn't listening to reality.


Nov 20, 2017 09:18 PM #53
Travis "the SOLD man" Parker; Associate Broker
Team Linda Simmons, Enterprise, AL 36330 - Enterprise, AL
email: Travis@theSOLDman.me / cell: 334-494-7846

I work in a similar way as you do, fewer Listings, but with more personal service. Seems to be working for the both of us!

Nov 21, 2017 07:48 PM #54
Anna Hatridge
Goodson Realty - Farmington, MO
Missouri Realtor with Goodson Realty

I have learned to walk away if they are not realistic about pricing.  Funny how much faster they sell when priced properly.


Nov 21, 2017 11:15 PM #55
Andrea.B Ferreira 954-303-8289 CRS
Keyes Co. - Davie, FL
Miami Dade, Broward and Palm Beach County in FL

This is always a sensitive point in our relationship with sellers... sometimes i see they overvalue their emotional value for the property which gets on our way... Good post... thank you

Nov 22, 2017 06:14 AM #56
John Wiley
Right Move Real Estate Group- EXP Realty - Fort Myers, FL
Lee County, FL Real Estate GRI, SRES,GREEN,PSA

Thanks Scott for posting this thought provoking discussion. The comments have added great value to your post.

One factor that I consider is that the longer a property sits on the market the less attention it gets.

I believe that the first 2 weeks are the optimum period for attention. If it is priced too high, it should get a price improvement within 2 weeks.

Nov 22, 2017 06:39 AM #57
Ron Aguilar
Continental Mortgage - Saint George, UT
Mortgage & Real Estate Advisor since 1995

You may lower your sales price the minute a potential buyer offers lower. Otherwise all other rules apply

Nov 22, 2017 07:32 AM #58
Steve Penner
Royal LePage / Moneyledgers Software - Winnipeg, MB
REALTOR / Owner of Moneyledgers

comps and feedback... comps and feedback some more..

Nov 22, 2017 03:58 PM #59
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Specializing in Brookside, Waldo, Prairie Village

Like you, I feel the two week time frame is a measure to tell if the home is priced too high.  I find it difficult when sellers don't take comps seriously and are too attached to their home or the high price.  Their home is a PRODUCT, get emotion out of the transaction as much as possible. When a seller says 'how much do you think the home will sell for' I always answer with 'let's look at what the market is telling us at this time'.  

Nov 23, 2017 04:01 PM #60
J Perrin Cornell
Century 21 Exclusively, Wenatchee, WA - Wenatchee, WA

Well, first of all, none of us are a real estate God. We have all seen houses listed at a price we thought would never sell and it was gone the next day. Or we have seen a house we thought was a hot deal would never last and 30 days later it is not quite so hot and still on the market. Pricing is an art not a science. You need to be flexible and keep questioning your results. You need to keep feeding information to your client. Weekly contact so they know virtually as soon as you what buyers think. Your client needs to understand that EVERY BUYER that sees their house has seen other houses on line and probably has a better grasp of the market based on the Internet and the homes they have seen. Finally, you need to explain the market is the market; it doesn’t care what you think or what you need or want. It is unbiased and uncaring.

I (we) have tried the old approach of “ ok but after x time...” Today I’m sorry to say that isn’t a good approach. As fast as the market is moving a month or even two weeks and it has passed you buy, your home is shop worn and lowering to the original recommended price won’t get the job done. Get it right the first time. ( Yes I have a couple, we all do, that I missed and I’m stuck with). But try. Try to get your client to understand. If all else fails seriously consider passing. It hurts but may be the best choice in the long run. In my business I’m really too busy to baby sit someone that thinks they know more about selling real estate than I because their Uncle Louie, who lives three states away in a retirement community, is giving them advice.

Do your homework. Think about your answers beforehand and if your taking a higher price just to get the listing think about the ethical consequences. Go sell a house1

Nov 25, 2017 07:25 AM #61
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
your real estate writer

Remember that old story about telling a seller that they are, in effect, buying their own house for that high price - because no one else will.

I wish you luck with this one!

Nov 25, 2017 12:31 PM #62
Gary L. Waters, Broker Owner, Waters Realty of Brevard, LLC
Waters Realty of Brevard, LLC - Rockledge, FL
... a small office, delivering big service!

Just read an article that said 2018 will see prices level and begin to favor buyers.  I say set a decent price now and don't let the market catch you sitting and hoping!

Nov 30, 2017 06:23 AM #63
HYst HYst
HYst - Bernard, ME

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