How long was your house on the market before you lowered your asking price...

We have had our house on the market for a couple of months...in the very beginning we had about 5 diff families come look at it...haven't had an open house yet..

but nothing..not an offer nor a re-visit...

we priced it (lower than what we bought..which kills us) but the exact number our realtor suggested..we think it is reasonable and realistic...

we are not in (too much) of a rush to sell...we don't have another house to move to...My DH doesn't even want to look until we sell so we don't rush and settle on a low ball bid..and is prepared to live with my parents for a couple of months if needed...

The realtor called the other day and suggested we think lowering the bid...we really don't want to...

When did you decide to lower?...and by how much? and did it help?

thanks!
=)

Re: How long was your house on the market before you lowered your asking price...

If your house has been on the market for a few months can I ask why you haven't had an open house? Was that by your own choice?

When we first put our house up, we listed on the higher end of what was recommended. We made the classic first time homesellers mistake. Here's our history:

original list - 429k. We had some initial interest but not much.

price drop - 419k - about one month after listing. At this price point we didn't get a single showing. After a month with nobody showing up to open houses/requesting showings I brought it to my agent's attention (I had the WORST guy!). He recommended a price drop.

price drop #2 - 399k - about 2 1/2 months after the house was listed.

This seemed to be the magic number. We were getting 1-2 showings/week on average and there was such high traffic at open houses that my agent started having one every weekend.

After our contract fell through last month we relisted at 389k. We NEVER planned on going this low. We've been at that point 2 months or so now and plan on taking the house off the market at the end of June. There are a ridiculous number of houses for sale in my neighborhood and we've just been through enough stress as it is. Plus we're not desperate to sell and even with a full priced offer, we'd be taking a loss. Not worth it after all we've been through.

Re: How long was your house on the market before you lowered your asking price...

thank you for sharing your story...

ya know as I typed that orig post..I asked myself the same question...I am not sure why we haven't had an open house...I have to give my RA a call and ask her why...maybe that would give us more traffic!!

we feel the same way as to not in too much of a rush...so we don't really want to go lower if we don't have to!!

Re: How long was your house on the market before you lowered your asking price...

I agree, you should have an open house.

We were on the market for about 7 weeks when we lowered from $699K to $669k. We knew the 699 was high but we still had a ton of interest. No offers though. We got an offer one week after lowering from someone that had first seen it at the open house. When we lowered the price my REA contacted everyone that had seen it previously to let them know. We negotiated with them and accepted an offer.