When Should I Reduce the List Price of My House?

We start with the process of elimination (if there is a problem) until we meet it. Pricing is always an interesting subject as it is based on opinions not facts. It doesn't become a fact until ready, willing and able says so....

I tell my sellers that it is important for us to listen to the market and actions from the market speak a lot louder than words.

When you are not receiving showing requests...

It all starts with a good agent - even then prices can be off. I just had my own house evaluated by several agents and the price swing was huge. We settled on something in the lower middle, but ultimately the buyers will let us know.

If your home is properly prepped & marketed and it doesn't sell now, it's the price! Location & condition aside, price is not stopping many buyers in our market but, if you're significantly over-priced, you are going to hit road blocks! 

Great post and congratulations on your feature, Beth!

Wonderful information Beth Atalay  a seller may want to test the market if there are not many houses on the market . Perhaps the feedback is priced to high and the agents advise is now to lower the price . You have covered the bases with this post . So glad it was Featured

These are good suggestions, Beth. Price so often is the culprit when a home is not selling but not the only one. Having good advice from a knowledgeable Realtor is the best course of action, with the right price to start!

Jeff

As often as it takes to sell it and bring it in line with the market. Over priced properties only help sell other realistic valued listings on the open market.

All great advice, when it doesn't sell, it's price!

99.9% of the time it is price and it needs to be reduced by weekend #3 or sooner.

Exposure and accessibility matter too.

But every home sells, I've had some real ugly houses to sell, priced right, they do sell!

Pricing and timing are critical, I'll take an overpriced listing if the seller agrees to bring the price down quickly with few showings and no offers. Priced right any home will sell. Great advice for sellers, when you conult a knowledgeable professional, take their advice!

It always starts with L3. Desirable neighborhoods, not the price IMO is the key element. Additionally, depending on the existing properties for sale in that neighborhood, a premium price might be justified.

Many sellers don't heed their RE agents advice and insist on listing at a higher price. Unfortunately, many agents will secure the listing knowing that the price will soon be reduced to FMV but at what cost?

The challenge to any other prospective sellers is why list with an agent who can't sell the property at the listed price or a reasonable amount of time? Sometimes it's best to simply walk away and maintain your performance and professional reputation. 

A very timely post to share. I very much enjoyed the responses from all the professsionals, this really helps me learn as a Mortgage Lender. While I am on the subject. AR has been a huge part of my RE knowledge for many years. Thank you to everyone!

Hello Beth --- not only a gold star-worthy post but some diverse comments (one of ActiveRain's benefits) that complement the post.

Starting out right is the best practice.

You start with a professional, knowledgeable agent that can give you the market indicators that help with selecting the appropriate price to list at.

I have been told that the first two weeks of a listing are the premium times of selling. So if not sold in that two week period and no offers, it is time for a price improvement.

Very interesting post and view points in the comments.

Watching the market around you can be a great way to know when you are over-priced for the current market.  If most homes in your price range are selling in a few days with multiple offers and you are getting no one to even look at, it could be price or it could be condition and other factors like the ability to show.  Great post.

Many sellers fall into the do not confuse me with facts mentality I have seen the Z & T estimate and if you want the listing we will do our price....Endre

Pricing it right from day one is the best policy; if no offers in 30 days, time to adjust. 

While it is always the intention to price it right from day one...that doesn't always happen for a variety of reasons...so then you need to moooove it quickly to the next group o anxious buyers.