Why the first weeks matter
A new listing gets the most attention in its first days. Buyers who've been watching the market look right away. If they skip your home, it's often because they think it's priced high for what it offers. The longer a home sits, the more buyers may wonder what's wrong with it.
Signals it may be time
Look at these together, not one at a time.
- Few showings in the first 10 to 14 days
- Low online views and saves compared with similar listings
- Showings but no offers after two or three weekends
- The same feedback about price from several buyers
- New nearby listings priced lower, or similar homes selling for less
Rule out other causes first
Price isn't the only reason a home sits. Before you cut, ask your agent to check:
- Photos and listing description: do they show the home at its best?
- Condition: are there repairs or clutter buyers keep mentioning?
- Access: is the home easy to show, or are showing windows too narrow?
- Timing: has the market slowed, or is it a slower season?
How much to lower it
A small cut may not change much. Buyers searching by price range may still not see your home. A meaningful change, often in the range of 3% to 5%, tends to bring the home to a new group of buyers. The right amount depends on how far off the original price was. Your agent can show where your home falls in common search price brackets.
Price cut or concessions?
Instead of a lower price, some sellers offer help with the buyer's closing costs or a credit for repairs. That can appeal to buyers who are short on cash. A lower price, though, shows up in searches and alerts. Your agent can compare which approach fits your market.
Use the numbers
A comparative market analysis, or CMA, compares your home with recent sales, active listings and homes that didn't sell. Revisiting it a few weeks into your listing gives you an up-to-date view of where your price stands.
