The likelihood of reducing the list price increases the longer the home stays on the market. While 10% of sellers lowered their sales price after one or two weeks in the market, 28% did so after three or four weeks and 36% made a reduction after five to eight weeks. If your advertised home hasn't received any offers after 30 days, consider reducing the price in increments to reflect neighborhood prices. Demand falls when the market is slow and inventory is high.
If that's the case, and it's not absolutely necessary for you to sell right now, then it would be wise to remove your home from the market until things get better. It may be better to rent your house or stay there until the market recovers if you're not very motivated to sell. Ask a friend to stop by and give you an honest opinion on how your house shows that honesty is the key word. It would be easy to say that all you have to do is price your home correctly and competitively first, and then you won't have any problems, but there are several schools of thought about when to be competitive and when to test the market.
Cook recommends that, if you don't need to sell quickly, consider removing the house from the market for a few months and then putting it back on sale at a lower price. Barnett said he rarely had to lower prices in recent years because the Dallas market was this hot. Also, look around the house and determine if your physical condition justifies its price and consider offering incentives in addition to a reduction in price. Let your potential buyers look around you with peace of mind and don't reject submissions simply because you don't want to leave home.
Analyze what you can't change, add what you've put in the house to improve it, and compare it with others in the market. Before reducing the price, consider whether you and your agent are doing everything possible to sell your home for what you think it's worth. If your home is just above a price band, put a little lower to get a completely new view of your home. Still, a home can be too expensive, and today's savvy home-hunters can smell an overpriced home a mile away.
In addition, a home that doesn't shrink after going to market at a high price discourages buyers. Some real estate agents suggest adjusting the sale price as many times as necessary to sell your home, but at strategic intervals. The exact length of time you should wait also depends on local real estate market indicators, including the average number of days in the housing market listed in your area. If you're serious about selling and aren't just testing the waters, adjust your price to fit your market.
The low number of ads has made the market more competitive, driving up prices at an accelerated pace.