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How often should we do a price drop?
We have dropped out price 4 times in 5 months now. Is it bad to drop it to often?
Asked By Ashley D. | Kennewick, WA | 782 views | Selling | 2 years ago
Answer(7)
Glenda X Bozett
RELI
Yes, Pricing a property right from the beginning is very important. Too many price drops makes the buyer wonder what is wrong with the place or want to give a low ball offer on the home.
- 1 year ago
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Jessica Owen
eXp Realty LLC
Are you working with an agent? If so, their pricing strategy is likely your best bet. However, in my opinion, it sounds like it was over priced to begin with. The market is also shifting and houses are sitting longer and that in inevitable. I do not think it is bad to drop to often, to keep interest and to stay top of mind but it should not be the ONLY marketing strategy your agent is using to get your home sold.
- 2 years ago
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Marty & Abby Champagne
RE/MAX Market Place
Yes, Pricing a property right from the beginning is very important. Too many price drops makes the buyer wonder what is wrong with the place or want to give a low ball offer on the home.
- 2 years ago
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Steven Hunt
Real Broker NY LLC
It depends on the market climate. We pay attention to the estimated days on market and the avg price per sqft of the most recent sold properties. In this market I would do a price reduction every 2-3 weeks.
- 2 years ago
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Jake & Yuliana Bond
RSVP Real Estate
Short answer YES. I would take the home off the market and re-list in the summer. Currently we are going through a market shift but homes will come back in value during the peak listing season. This will be your opportunity to adapt your marketing and price correctly from the start.
- 1 year ago
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Jean Lewis
Keller Williams Pinnacle
Hi Ashley, Yes, 4 price drops in 5 months typically causes buyers to have some concern and they also get the mindset to wait for more price drops before putting in an offer. It is key to properly position your home on the market from the beginning and when adjusting price, it needs to be significant to grab a substantial amount of additional buyers.
- 2 years ago
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Zamir Gonzalez
Keller Williams Greater Seattle
Short Answer, Yes. It would be best to evaluate your house and understand (1) Why am I consistently price-dropping and (2) Why is my house not selling? Evaluate feedback, number of showings, open house feedback, potential previous offers, and CMA (comparative market analysis). Understanding the condition of the home too. Many buyers look for almost-ready move-in homes. If you have the budget or an agent who can help with repairs to get you top dollar. When it comes to consistent price dropping; you will also get lowball offers. This is why pricing right is important. I always plan as is, depending on showings and feedback. I give the listing approximately a month or two before doing our first price drop if we agree to an appropriate initial listing price.
- 1 year ago
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