How the Market is Likely to React to the Listing Price of Your Home

How the Market is Likely to React to the Listing Price of Your Home

 

 

0 showings first 2 weeks on market

Indicates listing price is at least 3-5+% or greater than the market value. Should reduce the price by 3-5+% not later than two weeks after listed, based on other Realtors feedback to narrow the gap between list prices and market value.

 

2-3+ showings a week – Offer after 8 showings

Indicates listing prices is pretty close to value. Should generate 1-2 offers every 8-10 or so showings if priced correctly. At this pace of activity, an offer would be generated within 3-4 weeks or so. If no offers, reduce the price after 3-4 weeks at a minimum based on Realtor’s feedback to narrow the gap between list price and market value.

 

2-3+ showings a week – No offers

Indicates you are likely just outside of the market value to get buyers to make offers. If no offers after 8-10 showings, seller should reduce price to narrow the gap between list price and market value as above.

 

Lots of showings, multiple offers, every showing

Indicates we have listed below market value, and you should entice as many offers as possible without letting any of the competing offers expire if possible, to help raise the offering prices. House should end up at TRUE market value even with several competing offers. Discuss w/me the appraisal/loan strategies.

 

1-8 showings quickly in first week – 1 offer taken

Indicates possibly that perfect buyer came at the exact time your home was listed on the market, or there would have been competing offers if the price was too low. Often times, this happens with buyers that want specific neighborhoods or relocation buyers tired of looking.

 

Steady showing activity, months on market, no offers & nothing wrong with the home

Indicates you have not taken enough price reduction to get the home close to market value and have not narrowed the gap enough between listing price and market value. Indicates original listing prices was wrong and price reductions need to occur every 2-3 weeks until an offer is secured.