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summerBaby10
let's be nice
Member since 9/07 10208 total posts
Name:
Wifey
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How long do you keep a home on the market before you drop the price?
Curious because a friend & his wife overpaid for their home 5 or 6 years ago. They put it on the market a year & a half ago & priced it too high so of course, haven't had any bites. Finally, when they agreed to drop they got an offer. But they wouldn't budge for a year & a half. Is this normal?
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Posted 3/4/12 9:06 AM  |
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Prudential Douglas Elliman Real Estate
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Jenhos
Maeve
Member since 6/05 3273 total posts
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Re: How long do you keep a home on the market before you drop the price?
We started waaaay to high when we sold and we started dropping the price after about a month and a half. I think waiting a year or more with no bites and not dropping is crazy. But if they weren't in a rush to sell maybe they felt they could wait.
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| Posted 3/4/12 9:13 AM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: How long do you keep a home on the market before you drop the price?
It really depends on the sellers. If they need to get the higher price and are able to wait it out then they won;t drop.
If someone wants to sell ASAP then they might be more willing to drop the price. Each situation is different.
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| Posted 3/4/12 9:57 AM |
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Re: How long do you keep a home on the market before you drop the price?
Truthfully, and I know people don't want to hear this --
If a house is priced too high, you'll know it right away.
If you are on the market for 30 days and you've had very little interest (no or few showings, no offers), you should drop the price.
There are SO many buyers out there and homes that are priced right (i.e., in line with market value) are selling quickly.
ETA - It's inconvenient and stressful to have your home on the market if you live there... sellers need to be prepared for last minute showings, keep the home clean and neat, etc. So it doesn't make sense to me to have your home on the market at a price that draws no interest and activity and "wait it out." Prices are going to stay relatively flat for at least the next year or so, and they will never go back to the "bubble" of 2005/2006! So sellers who price their homes way above market value will be waiting it out for a long time.
Message edited 3/4/2012 11:56:35 AM.
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| Posted 3/4/12 11:50 AM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
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Re: How long do you keep a home on the market before you drop the price?
I would think it all depends upon whether or not you need to sell your house. If you are in no rush then I guess you do not need to be as concerned with it sitting on the market.
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| Posted 3/4/12 12:40 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: How long do you keep a home on the market before you drop the price?
30 days....I either sell in with in the 1st 30 or it's over priced- I usally tell my sellers that on the listing appointment so they are prepared for a price drop call
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| Posted 3/4/12 6:47 PM |
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Babymakin
LIF Adult
Member since 12/10 920 total posts
Name:
Sarah
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Re: How long do you keep a home on the market before you drop the price?
price the house right in the first place.
I JUST dont understand people who "hold out". Most of the time they pay for it later by the house sitting and getting stale.
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| Posted 3/4/12 11:34 PM |
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Re: How long do you keep a home on the market before you drop the price?
Posted by Babymakin
price the house right in the first place.
I JUST dont understand people who "hold out". Most of the time they pay for it later by the house sitting and getting stale.
YES! The house will generate the most interest and activity when it's new to the market.
After that, the listing gets old/stale, and a stigma starts to develop about houses that have been on the market along time. People either assume that the seller isn't serious about selling because they are clinging to an unrealistic price, or that there is something wrong with the house itself since no one wants to buy it. With so much internet info available, buyers see how long a house has been on the market, and they are definitely interested in that info.
I've had sellers say "well, I need to leave room for negotiation. Let's keep the list price, but tell buyers I am negotiable. A buyer make an offer and we can go from there." But if no one comes to see the house at all because it's listed at such a high price and there are many similar, better-priced options, the seller has no one to negotiate with!
I understand that people can be in rough situations with little or no equity in their homes. And if it brings peace of mind for them, I will sometimes take a listing that is priced too high IF they understand that we are just testing the waters for a very brief period.
But I always plant the seed that if we don't get enough interest and traffic after 30 days, the market is speaking and the price MUST be adjusted. And they have to agree to that in advance. Otherwise, we will really just be spinning our wheels and the seller will be wasting everyone's time, including his own!
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| Posted 3/5/12 10:32 AM |
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mommy2Two
LIF Infant
Member since 3/07 218 total posts
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Re: How long do you keep a home on the market before you drop the price?
Oooo good topic.
Food for thought for myself.
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| Posted 3/5/12 6:31 PM |
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DancinBarefoot
06ers Rock!!
Member since 1/07 9534 total posts
Name:
The One My Mother Gave Me ;-)
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Re: How long do you keep a home on the market before you drop the price?
Posted by Babymakin
price the house right in the first place.
I JUST dont understand people who "hold out". Most of the time they pay for it later by the house sitting and getting stale.
People who "hold out" may not be in exclusive control - like an estate sale with family members unable to agree on what an "acceptable" offer is, or a couple involved in a divorce with one spouse trying to cause trouble.
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| Posted 3/5/12 8:08 PM |
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