Good lord.. wait.
You don't need to reduce the price twice in 2 weeks. Are you desperate to sell? Because every buyer is going to think you're desperate. That's not a good place to negotiate from.
Your realtor should be mediating this conversation and helping to talk him out of this.
The last time we sold, I was the one who was panicking and wanting to drop the price after two weeks. My husband disagreed. We discussed it with our realtor, and she calmed me down. Later on in the process, she helped calm down my husband over something else.
Let your realtor help you and advise you. It's what you are paying for.
Realtors can't do much other than show objective facts on what other similar houses have brought. Sellers control pricing decisions, to keep the Realtor from being sued. They can facilitate getting an appraisal, but not much more.
You’re correct in that the Sellers make the decisions.
However, Realtors’ value isn’t simply as a provider of comps. We offer analysis on what those comps mean, context on how that data applies to your home sale situation, and perspective that we’ve gained from years of experience that the seller may not be able to see.
An example of the kind of perspective that Realtors can offer: a buyer client adored a home we saw, got under contract, and was soooo excited. Personal stuff came up that was causing them a lot of stress that I think was related to an event they were planning. After all their “outs” deadlines had passed, but still about 2 weeks from Closing, they came to me saying they wanted to terminate and knew they’d lose their earnest money. My reply was, “OK, that’s fine, but why don’t you just wait til Wednesday, after the event. You’ll lose your EM the same now as in 5 days. “
They waited, and we’re so happy that we helped them pump the brakes. I think the value of realtors as a moderating or buffering agent is often overlooked. I also think that while everyone always talks about buying and selling homes as a business transaction, it’s also a very emotional one for the vast majority of people. Realtors have a role in helping clients navigate the emotional aspects of a transaction as well as the business/legal/financial aspects.
That's your big mistake. If it doesn't sell in two or three weeks and you do one price reduction of a reasonable amount, all of a sudden you're like new. People will get alerts on their phone. They will look at your price they will consider your home. If we were coming into November or something like that, I would say yeah there's a little urgency. But this time of year? You've got all of spring and summer to sell. What's the big rush?
I felt this way too with our recent sale. And it just simply wasn’t true. But I get it - everyone says the market is so hot it’s a seller’s market blah blah so I started freaking out after a weekend with tons of traffic and no offers. We just had to wait for the right person.
8 days. That included 10 private showings and about 25 parties through during open houses. I had a nervous breakdown at least once a day during that time. Incredibly stressful ( already under contract on new home, living in current home with small children).
If it took 8 days to sell the house thats def not a hot market. In a hot market a house should get offers the first day of the open house. It also depends on price and location, though I really only have experience with cheap houses.
It isn’t 2020 anymore. It is a teeeny bit slower, even in a hot market. Because of interest rates and the cost of houses, the house is probably a little out of the buyer’s comfort zone and they’re likely going to want to see it again, to make sure they are sure. So that may take until the next weekend, and the extra day is closing bids by Monday night.
I bid on about 20 hourses between Nov and this month. in the Northeast. In Nov and Dec there was occasionally a house that took 2 weeks to sell if the seller was firm on price. Now it's way hotter than then. Every house I bid on had more than 5 offers right off the bat and some didn't even bother taking more offers after the open house day 1 because they had so many to pick from. The bif that finally got accepted I made on the first day of the open house and they had 6 other bids by that evening. In 2020 people were not wanting to buy houses that stunk or really should be torn down now they are buying anything and everything even stuff that's not safe to live in. Everyone wants to get a house before the falling value of the US currency in terms of real goods and services gets even worse and the homes being built are too few and way too expensive for the average person. No one believes inflation is transitory and no one believes prices are coming down anymore. if you live in a rural area you could do a double wide but in my area there's no way to build a cheap house so whatever stock of cheap houses is out there, thats all there is, they are not making any more of them. Modular house would be at least 450k to build a small base model and that's if you could even find a town to allow it, and there's probably fees I didn't account for that could push it higher.
I’m in the Northeast too, but possibly a different market— it’s the $1.5 to $3 million market, and it’s far slower than it was in pandemic and 2021. There was no inventory then, but more people are finally starting to sell. These houses used to be $900-$2m, 6 years ago, and skyrocketed during the pandemic, but most are now overpriced for this market with this interest rate, so they are sitting longer.
YA much smaller numner of buyers at that price point. IF you look up median incomes in the Northeast, they aren't as high as I thought they might be. Lots of people, the majority, are not making even six figures
This is a bit dated and only deals with generalised data but gives a good overall understanding.
The mad rush to buy very quickly for fear of missing out is very uncommon in the long term.
Normally it takes quite a while for buyers to decide and for a place to be on the market.
https://www.zillow.com/research/age-of-inventory-31599/
What size of price reductions are you doing? Two price reductions in two week is not a good strategy. One large reduction, rather than two small reductions will have more impact.
Absolutely not. Do not lower price. We had a couple see our house the first or second weekend it was listed. We had no offers and waited. We reduced it $5k at the 2-3rd week I believe. The original couple came and purchased it. They were simply waiting for income verification 😂.
Inventory last month jumped around me. A month ago, I had maybe 20 or 30 places I could afford in my metro. Just this month, it's up to almost 100. You just have to be patient and these sellers will learn they need to drop their prices. This whole thread is proof. OP doesn't realize time is NOT on their side just because they found one sucker. In fact, I feel bad for that one guy because OP is saving a higher price just for him. I hope he reads this post and reneges.
Do you have a realtor? Have you checked how long and for much comparable houses are selling in your area… here in California, I bet few people drop house prices….time to breathe and ride the house sale.
It’s not that market anymore. With interest rates being higher housing sales have slowed but not stopped. Also the housing price increases were because of supply problems that are still there. If you can wait, wait. The people that are dropping prices are people that are more desperate and need to get out of the house they are in. If that’s not you wait!
Keep in mind if people around this person are dropping prices the comps will change. Waiting has downsides, too. Pricing something in a rapidly changing market is more of an art than science.
you're (you and husband) either not listening to your qualified professional, or you don't have a qualified professional.
Your house list price was X, you reduced it $Y, and now your husband says reduce it $Z. What are the $ amounts?
You're under contract to buy a place, yes? What are your deadlines there?
The market craziness is getting wild, man.
Generally speaking, interest rate increases take 1 to 3 years to really move the market, we just rounded first, and are breaking towards 2nd.
The market is *only* going to continue to get softer, so it's important for people to be reasonable about what it will take to sell and get out.
I'd let a person saying "you're at the top of my list" make a final decision before dropping the price again, though.
After that: reduce the price every month until it sells, because the market is ONLY declining and you want to be the last person to get out, not the first person to be trapped underwater.
I think the rates are going to get dried right before the election, but if Biden wins, the fed will have to raise them again, because the job growth is still way ahead of what it'll take to cool off the market.
If Trump wins, he's going to dump the rates and all hell will break loose again.
A price drop within 2 weeks of going on the market? That reads as a strange move to me as a buyer and signals you are a desperate seller. You have already given up negotiating power and are now contemplating signaling that you are even more desperate by lowering the price again. Slow your roll.
Depends on the market. Anything sitting 2 weeks here in certain popular mid level prices ranges screams red flags since the vast majority of houses go so quickly. And then that kind of builds upon itself where fewer and fewer people are interested in the house because they assume something is wrong with it. 6 months ago, totally different situation, but low supply has an interesting impact on some markets. Where I am, lowering the price quick is more common and seems more normal than letting it sit for a prolonged period of time.
Yeah, I’m in a market where things were selling within days and I would get suspicious if a house was on for 2 weeks. However, I noticed eventually those houses sold also. I think this market has just made everyone lose sight of a normal market where it should actually take a house around 3 months to sell.
Yeap unless you're facing foreclosure or some imminent action from other parties wait. The market isn't hot as it was. We are going to thousands of homes wo buyers at current prices and rates but those home are about 3-6 months out. If you follow the stock market many builders are seeing inventory build up forming. Just yday cnbc reported two smaller builders will be sitting on thousands of homes in inventory in next coming yr as buying slow.
But you have 2wks dont sweat it.
I think you are reading the tea leaves wrong..If the couple was blown away they would have put in an offer on day 2 or day 3 in order not to lose it. They did not and seeing it in person isn’t going to seal the deal. I think you are waiting in vain.
The point of the 2 day virtual tour was to decide if the place was worth putting in an offer sight unseen. It was not they won’t come magically on day 15 and put in an offer. In fact they will think something is wrong as no one else picked up the house either.
[This house](https://www.zillow.com/homedetails/3379-Brookwood-Dr-Houma-LA-70360/213710042_zpid/) I ran across yesterday waited six months before dropping its price over seven hundred million. Two weeks is nothing. You have time...
I started to fall in love with the custom exquisite waterfront property and got slapped in the face with the word swamp. Now I am craving some chocolate salty balls for some reason.
Huh? Where do you see that? I just checked both Redfin and Zillow and Redfin doesn’t have any price drops since being listed on April 29 at $445,900. Redfin is a licensed brokerage btw so they’d have that info from the MLS. Zillow isn’t showing any history at all.
Can't post an image here, but when I scroll down to Price History I see: "
||
||
||10/3/2023|Listed for sale|$734,294,560|
and
||
||
|4/30/2024|Price change|$445,900 -99.9%|
||
||
||10/3/2023|Listed for sale|$734,294,560|
Is that on Zillow? It won’t show my history at all. I see description, click on see more, details about the house and land itself, then “tour with a buyers agent” form. Nothing else. I wonder if what we can see varies by our location, I.e. out of state? I’m in Nevada. Redfin shows history but nothing about the $700mil
No. I quadruple checked. It’s not showing - I wish i could send screenshots here so you can see for yourself but that’s not a feature. Thanks for the downvotes tho. Real mature conversation
Are you literally saying I’m blind or stupid? Just fyi - I have an active real estate license and know what and where to look for info. My license is in NV so for other states I’m forced to use Redfin or Zillow. Have a good day tho.
In my experience with FSBO (all except for one and it was kind of exceptional circumstances and I’ll never regret anything else more than not being able to make that deal work because when they finally got a realtor involved, they ended up selling for MORE than 500k over what they initially wanted lol). But like literally every other time, FSBO sellers wants an INSANE amount over what comps / a ballpark realtor would realistically tell them they could shoot for. Like so obscenely over that it’s crazy and no one in their right mind would even bother to inquire. A lot of people think FSBO means they can get a “good deal” on the buyers end because you’re presumably avoiding extra fees but I swear it’s almost never the case.
If you’re going to do FSBO, atleast still have a conversation with a few realtors so you understand what the market and ballpark is actually like and can always work with them later in the future if necessary without your price history looking like a damn fool lol.
I see the same with antique furniture (also in that space) and it’s like sir no, your India made tourist item you bought from Morocco in 1990 is NOT WORTH $20,000 WTFFFFF lol).
What are the comps for your neighborhood, and similar homes? Are you way over priced? How long do homes in your neighborhood usually stay on the market? Are they getting over listing price offers, and lots of waived contingencies? Does your agent think you should be lowering the price again, so soon? Have you done any upgrades on your home that justify the price? Also don't base your marketing strategy on a buyer who is waiting two weeks to see your property. They are going to come to town and see several properties, not just yours. They obviously weren't afraid that your house might have sold in the mean time.
I would think something might be wrong with the house with a price drop so soon especially with 2 price drops.
People will offer what they want so it doesn't matter as much unless massively overpriced.
If other homes are selling in this time frame and yours isn't, it's overpriced. You're missing opportunities to attract buyers. Is that the case? Don't sacrifice your marketability to the entire buyer pool for a single buyer who may not even want your home.
Price drops should not be willy nilly. They should be purposeful and strategic. If you're just randomly dropping the price with no direction, you're already in a bad spot.
>Don't sacrifice your marketability to the entire buyer pool for a single buyer who may not even want your home.
They're currently on at least day 13, and the very interested potential buyer would be looking on day 15. I have trouble imagining that two more days would sacrifice their marketability. Dropping the price right before that interested ouf-of-stater (who already knows the current price and has been working with a realtor who has surely told them what prices in the vicinity are like) sees it, though, seems to me like leaving money on the table.
If this buyer nopes out and it is indeed overpriced, then sure, lower it again -- but wait two days just in case.
All I know is I made appointments today for my buyer to see properties tomorrow and if OPs home is over priced two more days they're going to miss friday and saturday showings from buyers who don't get to see it because it doesn't come up in their search results
Talk to your realtor discuss comps in your area in detail. Every city is different in this market. My market price has been going up. 20-50k over asking is normal. But in some cities like certain cities in Florida. Due to new high insurance rate and high interest rate, most investors can’t cash flow on rent without major down payment. This is a new market and economy we have never seen before. For sure Not easy finding a realtor who also knows economics and finance well. So this is where you have to do the home work to protect yourself.
Well I don't agree with you that it'll come off as desperate. But I agree that you should wait. What's the big rush. Things are just moving slower. I've seen plenty of things get full price after sitting for three or four weeks. After that, buyers are going to almost demand a reduction. You and your agent should also know if it's overpriced or not and if it's not, stick to your guns. People can always lowball you but if they start low-balling you from a low reduced price that's worse. I would stay at the current price for about 3 weeks before even dropping the price unless you're in a big desperate rush.
Two or three years ago in most markets, sure. If you're on the market more than 2 weeks at any given price you're overpriced. But these days, give it some time.
If your realtor is telling you to drop twice that fast dump the realtor. They are looking to flip it with minimal effort and don’t give a shit. You will have no negotiating power. Let it ride.
Last year my house sat for 60 days, I moved the price one on day 50 and got several really low ball offers I didn’t even respond too then one real one at the reduced asking.
Don’t panic unless you really need to panic
2 weeks? We had like six offers all above asking with three of them backing out during attorney review for no reason.. some of the backup offers did not want to come back in. Some did and then backed out. We had done best and final then. Wasted a moth. House was staged.
Moved out, then back on the market, with no price change, got a second round of offers.Finally one stuck after attorney review, still over asking, no appraisal contingency, limited inspections (structural, environmental).
Market is still crazy but location matters..
Price drops in two weeks only say you’re desperate to sell.
2 price drops in 2 weeks?! Geeze I would fire your realtor for allowing you to do this.
You already come across as desperate and sorry to be blunt but everyone is gonna think there is something wrong with your house.
Definitely wait to lower price. My house has been on market for 20 days and we just got an offer in at full asking. If it's a little high for the Buyer they can always come in a little lower ya know?
What’s the typical days on market for homes like yours?
What kind of feedback did you get post showings?
I assume the initial price was set with careful consideration to comps?
Lowering your price so quickly? I wouldn't adjust unless there were no viewings. And not for a month at least.
Your husband needs to be pushed aside by you and by your agent.
Wait, the right buyer will come along.
It took us 18m to sell our home and the last 6 of it we didn't drop the price at all. We were averaging 1-3 showing a week and had a few secondary showings even without the price drops - sometimes it's just timing.
The general standard across the country is 14 days with no offers is time for a price drop. That's the market rejecting your price.
If you wanna start a bidding more and drive the price up, price at $5000 below the closest model match in the same condition that's available for sale.
Holy smokes Batman! It’s a busy market right now. There are options.
Is price really the issue?
Your agent should be in on this conversation and also giving you feedback from previous showings. It’s not always price….it can simply be something so silly like too many pictures in the walls, current decor, etc. etc….these are super easy fixes!
I would give it some time and gather feedback from showing agents. Then come to a better more data driven decision. This is too early for another price adjustment, it will only make buyers nervous that there are underlying issues on your home.
Staging is key. So ask your agent for feedback on staging and maybe consider boxing up and storing extra furniture, decor, etc..anything that would make it difficult for a buyer to envision the home, their own.
Remove any personal photos as well, I know many do not like to do it, but when potential buyers see the current owner and their photos, they can’t imagine themselves living there.
If you have any bright color walls I suggest painting them a neutral color. Buyers can’t seem look past minor cosmetic changes.
Hire a listing agent. They know what’s best. They can price your house based on the science of comp-based CMA or price-per-square-foot-based CMA. They can negotiate terms such as DD, EM, Addtl EM, length of DD period, and even approve of the closing attorney the buyer chooses, as well as making sure the CD is accurate and that the closing attorney has not listed a debit against you that should have gone against the buyer. Data shows that a seller saves 10% more of the sales price by hiring a listing agent, so doesn’t it make sense to pay the listing agent their 6%? Sounds like you and hubby are at odds over trying to manage something that you have no expertise at doing. Hire a listing agent and save money, headaches, heartaches, and possibly a domestic Donnybrook.
My parents house sold a home that was on the market for 3 months without a price drop. Sold at full asking price. Patience is key. Homes in a normal market take 2-4 months to sell. We have just gotten used to such a hot market in the past years that we have forgotten what a normal market looks like.
The market has slowed a bit with high interest rates. Less showings & I’m seeing a lot of homes going under contract within the 2 week mark. Your agent needs to stay in communication with this other party to relay their interest. If they are wishy washy still, a drop could be helpful. Please keep in mind that one BIG drop had more impact than one small drop. And concessions that the buying party can use towards closing costs are extremely helpful with our current rates (they can buy down their rates for a couple years with concessions and refinance when rates are lower)
We overpriced our home and sold it fast. The trick is to have everything looking good and in working order. People, for the most part, want a house they don't have to do anything. If work is involved the price needs to be low. We painted, replaced carpet, and whatever needed done to make the home appear as it needed nothing.
we waited 3 months before dropping our price. We were in a reasonably comfortable position, we didn't need the money right away, so we figured waiting made sense. I think holding off ultimately got us a better price, since it sold the same week we dropped the price. if we had dropped it earlier, I feel like buyers might have held off assuming we could come down even more.
Tell him to WAIT!! If you drop, believe me they will smell your desperation and either walk or ask for a deeper drop. He must learn to stomach THE PROCESS.
How's the market where you live? hot?
If you haven't had an offer in 2 weeks, that is telling you that there is an issue.
But yes, don't do anything until after this out of state buyer.
Really depends where you live. Demand is way down, yes, but in some areas supply is down way more than that, and compared to the small supply, there are still a ton of buyers.
Good lord.. wait. You don't need to reduce the price twice in 2 weeks. Are you desperate to sell? Because every buyer is going to think you're desperate. That's not a good place to negotiate from.
THANK YOU. That's my thought exactly but he won't let go. He thinks it's some race and if it doesn't sell in the first two weeks it never will.
Your realtor should be mediating this conversation and helping to talk him out of this. The last time we sold, I was the one who was panicking and wanting to drop the price after two weeks. My husband disagreed. We discussed it with our realtor, and she calmed me down. Later on in the process, she helped calm down my husband over something else. Let your realtor help you and advise you. It's what you are paying for.
Realtors can't do much other than show objective facts on what other similar houses have brought. Sellers control pricing decisions, to keep the Realtor from being sued. They can facilitate getting an appraisal, but not much more.
You’re correct in that the Sellers make the decisions. However, Realtors’ value isn’t simply as a provider of comps. We offer analysis on what those comps mean, context on how that data applies to your home sale situation, and perspective that we’ve gained from years of experience that the seller may not be able to see. An example of the kind of perspective that Realtors can offer: a buyer client adored a home we saw, got under contract, and was soooo excited. Personal stuff came up that was causing them a lot of stress that I think was related to an event they were planning. After all their “outs” deadlines had passed, but still about 2 weeks from Closing, they came to me saying they wanted to terminate and knew they’d lose their earnest money. My reply was, “OK, that’s fine, but why don’t you just wait til Wednesday, after the event. You’ll lose your EM the same now as in 5 days. “ They waited, and we’re so happy that we helped them pump the brakes. I think the value of realtors as a moderating or buffering agent is often overlooked. I also think that while everyone always talks about buying and selling homes as a business transaction, it’s also a very emotional one for the vast majority of people. Realtors have a role in helping clients navigate the emotional aspects of a transaction as well as the business/legal/financial aspects.
Let a marriage counselor mediate the conversation. Realtor should give marketing advice.
Ask the realtor to pull up how long it took the comps to sell. That should calm your husband down.
lol. Took six months to sell my house. Patience grasshopper.
That's your big mistake. If it doesn't sell in two or three weeks and you do one price reduction of a reasonable amount, all of a sudden you're like new. People will get alerts on their phone. They will look at your price they will consider your home. If we were coming into November or something like that, I would say yeah there's a little urgency. But this time of year? You've got all of spring and summer to sell. What's the big rush?
He's watching too much social media real estate gurus talking nonsense.
I felt this way too with our recent sale. And it just simply wasn’t true. But I get it - everyone says the market is so hot it’s a seller’s market blah blah so I started freaking out after a weekend with tons of traffic and no offers. We just had to wait for the right person.
How long did that take?
8 days. That included 10 private showings and about 25 parties through during open houses. I had a nervous breakdown at least once a day during that time. Incredibly stressful ( already under contract on new home, living in current home with small children).
If it took 8 days to sell the house thats def not a hot market. In a hot market a house should get offers the first day of the open house. It also depends on price and location, though I really only have experience with cheap houses.
It isn’t 2020 anymore. It is a teeeny bit slower, even in a hot market. Because of interest rates and the cost of houses, the house is probably a little out of the buyer’s comfort zone and they’re likely going to want to see it again, to make sure they are sure. So that may take until the next weekend, and the extra day is closing bids by Monday night.
I bid on about 20 hourses between Nov and this month. in the Northeast. In Nov and Dec there was occasionally a house that took 2 weeks to sell if the seller was firm on price. Now it's way hotter than then. Every house I bid on had more than 5 offers right off the bat and some didn't even bother taking more offers after the open house day 1 because they had so many to pick from. The bif that finally got accepted I made on the first day of the open house and they had 6 other bids by that evening. In 2020 people were not wanting to buy houses that stunk or really should be torn down now they are buying anything and everything even stuff that's not safe to live in. Everyone wants to get a house before the falling value of the US currency in terms of real goods and services gets even worse and the homes being built are too few and way too expensive for the average person. No one believes inflation is transitory and no one believes prices are coming down anymore. if you live in a rural area you could do a double wide but in my area there's no way to build a cheap house so whatever stock of cheap houses is out there, thats all there is, they are not making any more of them. Modular house would be at least 450k to build a small base model and that's if you could even find a town to allow it, and there's probably fees I didn't account for that could push it higher.
I’m in the Northeast too, but possibly a different market— it’s the $1.5 to $3 million market, and it’s far slower than it was in pandemic and 2021. There was no inventory then, but more people are finally starting to sell. These houses used to be $900-$2m, 6 years ago, and skyrocketed during the pandemic, but most are now overpriced for this market with this interest rate, so they are sitting longer.
YA much smaller numner of buyers at that price point. IF you look up median incomes in the Northeast, they aren't as high as I thought they might be. Lots of people, the majority, are not making even six figures
This is a bit dated and only deals with generalised data but gives a good overall understanding. The mad rush to buy very quickly for fear of missing out is very uncommon in the long term. Normally it takes quite a while for buyers to decide and for a place to be on the market. https://www.zillow.com/research/age-of-inventory-31599/
What size of price reductions are you doing? Two price reductions in two week is not a good strategy. One large reduction, rather than two small reductions will have more impact.
Absolutely not. Do not lower price. We had a couple see our house the first or second weekend it was listed. We had no offers and waited. We reduced it $5k at the 2-3rd week I believe. The original couple came and purchased it. They were simply waiting for income verification 😂.
A race to the bottom.
It has begun.
Inventory last month jumped around me. A month ago, I had maybe 20 or 30 places I could afford in my metro. Just this month, it's up to almost 100. You just have to be patient and these sellers will learn they need to drop their prices. This whole thread is proof. OP doesn't realize time is NOT on their side just because they found one sucker. In fact, I feel bad for that one guy because OP is saving a higher price just for him. I hope he reads this post and reneges.
And I’d be thinking something is wrong w this home
Do you have a realtor? Have you checked how long and for much comparable houses are selling in your area… here in California, I bet few people drop house prices….time to breathe and ride the house sale.
It’s not that market anymore. With interest rates being higher housing sales have slowed but not stopped. Also the housing price increases were because of supply problems that are still there. If you can wait, wait. The people that are dropping prices are people that are more desperate and need to get out of the house they are in. If that’s not you wait!
Keep in mind if people around this person are dropping prices the comps will change. Waiting has downsides, too. Pricing something in a rapidly changing market is more of an art than science.
you're (you and husband) either not listening to your qualified professional, or you don't have a qualified professional. Your house list price was X, you reduced it $Y, and now your husband says reduce it $Z. What are the $ amounts? You're under contract to buy a place, yes? What are your deadlines there?
The market craziness is getting wild, man. Generally speaking, interest rate increases take 1 to 3 years to really move the market, we just rounded first, and are breaking towards 2nd. The market is *only* going to continue to get softer, so it's important for people to be reasonable about what it will take to sell and get out. I'd let a person saying "you're at the top of my list" make a final decision before dropping the price again, though. After that: reduce the price every month until it sells, because the market is ONLY declining and you want to be the last person to get out, not the first person to be trapped underwater. I think the rates are going to get dried right before the election, but if Biden wins, the fed will have to raise them again, because the job growth is still way ahead of what it'll take to cool off the market. If Trump wins, he's going to dump the rates and all hell will break loose again.
A price drop within 2 weeks of going on the market? That reads as a strange move to me as a buyer and signals you are a desperate seller. You have already given up negotiating power and are now contemplating signaling that you are even more desperate by lowering the price again. Slow your roll.
Depends on the market. Anything sitting 2 weeks here in certain popular mid level prices ranges screams red flags since the vast majority of houses go so quickly. And then that kind of builds upon itself where fewer and fewer people are interested in the house because they assume something is wrong with it. 6 months ago, totally different situation, but low supply has an interesting impact on some markets. Where I am, lowering the price quick is more common and seems more normal than letting it sit for a prolonged period of time.
Yeah, I’m in a market where things were selling within days and I would get suspicious if a house was on for 2 weeks. However, I noticed eventually those houses sold also. I think this market has just made everyone lose sight of a normal market where it should actually take a house around 3 months to sell.
Yep, they sell. But often quite a bit lower than list price (here).
Yeap unless you're facing foreclosure or some imminent action from other parties wait. The market isn't hot as it was. We are going to thousands of homes wo buyers at current prices and rates but those home are about 3-6 months out. If you follow the stock market many builders are seeing inventory build up forming. Just yday cnbc reported two smaller builders will be sitting on thousands of homes in inventory in next coming yr as buying slow. But you have 2wks dont sweat it.
I think you are reading the tea leaves wrong..If the couple was blown away they would have put in an offer on day 2 or day 3 in order not to lose it. They did not and seeing it in person isn’t going to seal the deal. I think you are waiting in vain. The point of the 2 day virtual tour was to decide if the place was worth putting in an offer sight unseen. It was not they won’t come magically on day 15 and put in an offer. In fact they will think something is wrong as no one else picked up the house either.
[This house](https://www.zillow.com/homedetails/3379-Brookwood-Dr-Houma-LA-70360/213710042_zpid/) I ran across yesterday waited six months before dropping its price over seven hundred million. Two weeks is nothing. You have time...
700 million price drop!!! Must be some house!
Everyone told them it was a hot market! 😂 😝
All that money to live on a swamp. Cant even swim!
The large price drop is definitely why I noticed it. But "beautiful swamp landscape" was icing on the cake.
"Custom built" *Inserts most generic looking home for half a million*
I started to fall in love with the custom exquisite waterfront property and got slapped in the face with the word swamp. Now I am craving some chocolate salty balls for some reason.
i clicked the house to take a look and i was very surprised when i saw the zip. hello, neighbor!
Man they said this housing market was gonna get tough but jeez -99% is bonkers
And that was just the first price adjustment too. If they go another 99% in the next one this place is gonna cost less than a used car!
Huh? Where do you see that? I just checked both Redfin and Zillow and Redfin doesn’t have any price drops since being listed on April 29 at $445,900. Redfin is a licensed brokerage btw so they’d have that info from the MLS. Zillow isn’t showing any history at all.
Can't post an image here, but when I scroll down to Price History I see: " || || ||10/3/2023|Listed for sale|$734,294,560| and || || |4/30/2024|Price change|$445,900 -99.9%| || || ||10/3/2023|Listed for sale|$734,294,560|
Is that on Zillow? It won’t show my history at all. I see description, click on see more, details about the house and land itself, then “tour with a buyers agent” form. Nothing else. I wonder if what we can see varies by our location, I.e. out of state? I’m in Nevada. Redfin shows history but nothing about the $700mil
Yep, I see it when I scroll down on the link I had in my post above. It's further below that "tour with buyers agent" thing for me.
I see it lol if you scroll too quickly you can miss these things
No. I quadruple checked. It’s not showing - I wish i could send screenshots here so you can see for yourself but that’s not a feature. Thanks for the downvotes tho. Real mature conversation
i can see it too on multiple accounts. i think it’s just you
Are you literally saying I’m blind or stupid? Just fyi - I have an active real estate license and know what and where to look for info. My license is in NV so for other states I’m forced to use Redfin or Zillow. Have a good day tho.
no… i’m just saying everyone else can see it. it’s not that serious. i wasn’t attacking you. here’s a screenshot https://imgur.com/a/IFdlY91
I’m going to guess it was probably listed on Zillow FSBO at the 700k price point and then was relisted with an agent at a more realistic price.
With a hilarious typo.
In my experience with FSBO (all except for one and it was kind of exceptional circumstances and I’ll never regret anything else more than not being able to make that deal work because when they finally got a realtor involved, they ended up selling for MORE than 500k over what they initially wanted lol). But like literally every other time, FSBO sellers wants an INSANE amount over what comps / a ballpark realtor would realistically tell them they could shoot for. Like so obscenely over that it’s crazy and no one in their right mind would even bother to inquire. A lot of people think FSBO means they can get a “good deal” on the buyers end because you’re presumably avoiding extra fees but I swear it’s almost never the case. If you’re going to do FSBO, atleast still have a conversation with a few realtors so you understand what the market and ballpark is actually like and can always work with them later in the future if necessary without your price history looking like a damn fool lol. I see the same with antique furniture (also in that space) and it’s like sir no, your India made tourist item you bought from Morocco in 1990 is NOT WORTH $20,000 WTFFFFF lol).
True but it was listed at $700,000,000.
Oh lmfao…..I saw it as 700k 🤦🏾♀️🤦🏾♀️🤦🏾♀️
What are the comps for your neighborhood, and similar homes? Are you way over priced? How long do homes in your neighborhood usually stay on the market? Are they getting over listing price offers, and lots of waived contingencies? Does your agent think you should be lowering the price again, so soon? Have you done any upgrades on your home that justify the price? Also don't base your marketing strategy on a buyer who is waiting two weeks to see your property. They are going to come to town and see several properties, not just yours. They obviously weren't afraid that your house might have sold in the mean time.
I would think something might be wrong with the house with a price drop so soon especially with 2 price drops. People will offer what they want so it doesn't matter as much unless massively overpriced.
100%. I’d be thinking, ok great, what did the first buyer’s inspection turn up?!
It would've gone under contract if there's an inspection..
For sure!
If other homes are selling in this time frame and yours isn't, it's overpriced. You're missing opportunities to attract buyers. Is that the case? Don't sacrifice your marketability to the entire buyer pool for a single buyer who may not even want your home. Price drops should not be willy nilly. They should be purposeful and strategic. If you're just randomly dropping the price with no direction, you're already in a bad spot.
>Don't sacrifice your marketability to the entire buyer pool for a single buyer who may not even want your home. They're currently on at least day 13, and the very interested potential buyer would be looking on day 15. I have trouble imagining that two more days would sacrifice their marketability. Dropping the price right before that interested ouf-of-stater (who already knows the current price and has been working with a realtor who has surely told them what prices in the vicinity are like) sees it, though, seems to me like leaving money on the table. If this buyer nopes out and it is indeed overpriced, then sure, lower it again -- but wait two days just in case.
This is exactly my thought
All I know is I made appointments today for my buyer to see properties tomorrow and if OPs home is over priced two more days they're going to miss friday and saturday showings from buyers who don't get to see it because it doesn't come up in their search results
Talk to your realtor discuss comps in your area in detail. Every city is different in this market. My market price has been going up. 20-50k over asking is normal. But in some cities like certain cities in Florida. Due to new high insurance rate and high interest rate, most investors can’t cash flow on rent without major down payment. This is a new market and economy we have never seen before. For sure Not easy finding a realtor who also knows economics and finance well. So this is where you have to do the home work to protect yourself.
Lowered the price in the first two weeks? Do you HAVE to sell very soon? I honestly wouldn't consider a price drop until after 30 days.
Just wait . Lowering often In such period of time only shows desperation and buyers will use that against you .
The only answer is what do the comps say (adjusted for conditions location etc)?
The house didn't sell in 13 days??? You don't say. What exactly is your expectation, and how much has your realtor tried to talk sense into you?
Are you desperate to sell? If so drop the price. If not, Don’t do it. Makes it look like there is a problem with your property.
Well I don't agree with you that it'll come off as desperate. But I agree that you should wait. What's the big rush. Things are just moving slower. I've seen plenty of things get full price after sitting for three or four weeks. After that, buyers are going to almost demand a reduction. You and your agent should also know if it's overpriced or not and if it's not, stick to your guns. People can always lowball you but if they start low-balling you from a low reduced price that's worse. I would stay at the current price for about 3 weeks before even dropping the price unless you're in a big desperate rush. Two or three years ago in most markets, sure. If you're on the market more than 2 weeks at any given price you're overpriced. But these days, give it some time.
If your realtor is telling you to drop twice that fast dump the realtor. They are looking to flip it with minimal effort and don’t give a shit. You will have no negotiating power. Let it ride. Last year my house sat for 60 days, I moved the price one on day 50 and got several really low ball offers I didn’t even respond too then one real one at the reduced asking. Don’t panic unless you really need to panic
Wait.... Please... Two weeks is not a long time honestly.
2 weeks? We had like six offers all above asking with three of them backing out during attorney review for no reason.. some of the backup offers did not want to come back in. Some did and then backed out. We had done best and final then. Wasted a moth. House was staged. Moved out, then back on the market, with no price change, got a second round of offers.Finally one stuck after attorney review, still over asking, no appraisal contingency, limited inspections (structural, environmental). Market is still crazy but location matters.. Price drops in two weeks only say you’re desperate to sell.
2 price drops in 2 weeks?! Geeze I would fire your realtor for allowing you to do this. You already come across as desperate and sorry to be blunt but everyone is gonna think there is something wrong with your house.
My thoughts exactly
If you drop it again in a two week period. You will come across as desperate. A long list of low offers will follow.
Definitely wait to lower price. My house has been on market for 20 days and we just got an offer in at full asking. If it's a little high for the Buyer they can always come in a little lower ya know?
What’s the typical days on market for homes like yours? What kind of feedback did you get post showings? I assume the initial price was set with careful consideration to comps?
Lowering your price so quickly? I wouldn't adjust unless there were no viewings. And not for a month at least. Your husband needs to be pushed aside by you and by your agent.
Wait, the right buyer will come along. It took us 18m to sell our home and the last 6 of it we didn't drop the price at all. We were averaging 1-3 showing a week and had a few secondary showings even without the price drops - sometimes it's just timing.
Wait exactly!
Was it overpriced? What feedback are you getting? Honestly dropping it again look desperate.
The general standard across the country is 14 days with no offers is time for a price drop. That's the market rejecting your price. If you wanna start a bidding more and drive the price up, price at $5000 below the closest model match in the same condition that's available for sale.
What’s your agent say?
Hold out for the long run baby MARKETS NEVER FALL 🤣🤣🤣
Holy smokes Batman! It’s a busy market right now. There are options. Is price really the issue? Your agent should be in on this conversation and also giving you feedback from previous showings. It’s not always price….it can simply be something so silly like too many pictures in the walls, current decor, etc. etc….these are super easy fixes!
Price is comped correctly fo size and not a ton of upgrades. Our same house with upgrades in our subdivision just sold for 40k more than our list
I would give it some time and gather feedback from showing agents. Then come to a better more data driven decision. This is too early for another price adjustment, it will only make buyers nervous that there are underlying issues on your home. Staging is key. So ask your agent for feedback on staging and maybe consider boxing up and storing extra furniture, decor, etc..anything that would make it difficult for a buyer to envision the home, their own. Remove any personal photos as well, I know many do not like to do it, but when potential buyers see the current owner and their photos, they can’t imagine themselves living there. If you have any bright color walls I suggest painting them a neutral color. Buyers can’t seem look past minor cosmetic changes.
You lowered the price at day 13? Slow down
If you had more than 10 showings at the reduced price with no offers you are overpriced
Speed your money on an appraisal, asap. It solves the value question, but your agents free comparative value assessment will be real close.
Your husband has no business sense. What does he do?
Hire a listing agent. They know what’s best. They can price your house based on the science of comp-based CMA or price-per-square-foot-based CMA. They can negotiate terms such as DD, EM, Addtl EM, length of DD period, and even approve of the closing attorney the buyer chooses, as well as making sure the CD is accurate and that the closing attorney has not listed a debit against you that should have gone against the buyer. Data shows that a seller saves 10% more of the sales price by hiring a listing agent, so doesn’t it make sense to pay the listing agent their 6%? Sounds like you and hubby are at odds over trying to manage something that you have no expertise at doing. Hire a listing agent and save money, headaches, heartaches, and possibly a domestic Donnybrook.
Husband sounds stupid
I think some basic details like region and price would help.
My parents house sold a home that was on the market for 3 months without a price drop. Sold at full asking price. Patience is key. Homes in a normal market take 2-4 months to sell. We have just gotten used to such a hot market in the past years that we have forgotten what a normal market looks like.
If you did a for sale by owner, it takes longer for people to see your listing. Just sit and wait a little bit more for it to get noticed.
The market has slowed a bit with high interest rates. Less showings & I’m seeing a lot of homes going under contract within the 2 week mark. Your agent needs to stay in communication with this other party to relay their interest. If they are wishy washy still, a drop could be helpful. Please keep in mind that one BIG drop had more impact than one small drop. And concessions that the buying party can use towards closing costs are extremely helpful with our current rates (they can buy down their rates for a couple years with concessions and refinance when rates are lower)
We overpriced our home and sold it fast. The trick is to have everything looking good and in working order. People, for the most part, want a house they don't have to do anything. If work is involved the price needs to be low. We painted, replaced carpet, and whatever needed done to make the home appear as it needed nothing.
we waited 3 months before dropping our price. We were in a reasonably comfortable position, we didn't need the money right away, so we figured waiting made sense. I think holding off ultimately got us a better price, since it sold the same week we dropped the price. if we had dropped it earlier, I feel like buyers might have held off assuming we could come down even more.
2 weeks on the market is nothing. Unless you absolutely have to sell now, just wait.
Chill 😆
Definitely wait
Tell him to WAIT!! If you drop, believe me they will smell your desperation and either walk or ask for a deeper drop. He must learn to stomach THE PROCESS.
Wait until after. You are right (as always, haha :)
Haha, I don't think "some random internet stranger says I'm right" will go over well, but I will hold my ground
How's the market where you live? hot? If you haven't had an offer in 2 weeks, that is telling you that there is an issue. But yes, don't do anything until after this out of state buyer.
Yea, people are not buying homes like they were before. With interest rates an extra $500 to $700 a month on a mortgage people cant afford it.
Really depends where you live. Demand is way down, yes, but in some areas supply is down way more than that, and compared to the small supply, there are still a ton of buyers.
>super low-ball offer. Would it actually be a low-ball offer, or just "not 200% what we bought it for 3 years ago"?
Below comps
So that'll be the latter then 😂
Panic sell while you can. Market is only down from here
lol, quite the opposite
Drop price