Question:
“Our home has been for sale for over a month and we’ve received no offers and very few showings. How long should we wait before dropping the price?”
Answer:
You’ve already waited too long!
In this still fairly hot market, if your home is on the Multiple Listing Service for two weeks with little action, you’re almost certainly overpriced.
Why?
When I got licensed in 1984, we had the “MLS book.”
The blue one had listings of houses and the yellow had condos and 2-4 unit properties. They came out every other week, blue one week, yellow the next.
So it was normal when you listed your home that most Realtors wouldn’t know about it for 1-3 weeks.
With today’s advanced technology, many agents and homebuyers set up home searches with automatic notification when a new home hits the market.
Literally (and do mean literally) the moment we press “enter” on a listing, hundreds of smartphones start buzzing all over San Diego with alerts about the new listing.
So people know about your home instantly and two weeks is plenty of time for most serious buyers to see your home online, drive by, and perhaps have it shown to them if it’s priced right.
Once your home is priced right, showings will increase, and you’ll start getting interest and an offer or two or more.
So go call your Realtor right now and talk about getting your home priced closer to market value!
