How long should your house be on the market (with no offers) until you reduce the price?

Question

House has been on the market for a week and a half/had 4 showings and no offers. Typically how long should one wait before they reduce the price.

Answer 1

The most interest in a home is the 1st 10 days on the market.

1st you should get feedback from your Realtor as to why the 4 showings did not result in an offer. There may be something other than price involved.

Answer 2

I think this depends a lot on your individual market and how well things are selling. In some parts of the country, homes routinely sit for months before getting an offer. In those areas, it wouldn't be at all unusual to have no offers after a week and a half.

I just sold my home in the St. Louis, MO area and my real estate agent advocated a 14 day rule. If she listed a home and it didn't get an offer after 14 days, she would sit down with the client and try to figure out why it hadn't received an offer, and if appropriate reduce the price.

Answer 3

Don't be so quick to reduce your asking price if you are not in a big rush to sell. Have as many open houses as you can. Here in NYC, open houses bring in a lot of potential buyers and offers as well. A week and a half is nothing. Hold on for at least a month. Matters are different, however, if you are very eager to sell (ie. desperate).

Answer 4

there is no typical answer, it just depends on you, how much time do you have, how long can you wait for the price you want, what's happening in the market in the meantime, that kind of thing. keep track of other prices around you. i would say that, in about a month you should drop the price, again in proportion to what's going on around you, and depending on how much time you have. also you might try an open house (or another one, if you've already had one) and while you're waiting, there is always time to continue improving your house to make it worth the price you are asking and make it competitive compared to other houses in your area.

Answer 5

I would wait at least 60- 90 days in this market before reducing price. You might want to take a little tour around your neighborhood to try and find out what similar homes in your immediate area are selling for and make sure you are priced accordingly.

Answer 6

2 months is a good figure to work from.

4 showings in a week is great. Ask your Realtor to get feedback from those that viewed the home and see if you can make some changes to have the house more salable.

Answer 7

truthfully no one is familiar with the destiny , yet whilst the builder's industry is any indication genuine factors is in for an prolonged sluggish alterations, you may desire to examine what share residences are up on the industry in you community and surrounding factors. in case you notice lots and that they are all in certainty sitting there it particularly is a pragmatic sign that costs will proceed downward, for a minimum of 12-24 months, till finally the inventory tiers, factor off. in my view i think of of we are in certainty seeing the initiating up of value declines on the two coasts housing markets by using unrealistic steep run-united statesinside the suited 5 years. How lots did you purchase the residing domicile for? Ask your self in case you carry onto the residing domicile for yet yet another 5 years, and the charges drop by way of 30% how might desire to you experience? it quite is almost of a fantasy that genuine factors consistently is going up.. in Tokyo and London that they had 10 years of value declines after heady genuine factors run up indoors the early 90s'.. at the instant are not getting grasping , costs are optimum particular to drop better , money out and commence up a clean life along with your sale money.. good success

Answer 8

Ask you real estate agent they know how long houses in your area are backloged.