How Long Should You Wait To Reduce Your Home’s Price?
If you’re a homeowner who’s currently struggling to sell your property, you’re not alone. Selling a house often involves a mixture of emotions, and it can become frustrating when your home sale stalls. Two questions that might be ringing in your mind right now are: Did I price too high? How long do I wait before reducing my house price?
According to HomeLight’s Top Agent Insights for End of Year 2023 report, an overpriced home is the top reason buyers walk away from the negotiating table with sellers. About 28% of the surveyed agents said unreasonably high properties are a deal breaker for house seekers.
In today’s changing real estate market, understanding the right time to lower your house price can be the deciding factor between a quick sale and a prolonged, agonizing wait. While it’s only natural to want the highest possible return on your investment, the lack of offers might indicate that your house is overpriced for the current market conditions.
With the help of top real estate agents, we’ll unpack the factors to consider and provide proven insights to help you decide when it might be time to adjust your price.
How can I tell if my home sale has stalled?
In many U.S. housing markets, “the pendulum has swung,” says Topher Kauffman, a top-performing real estate agent in Summerville, South Carolina, with 14 years of experience. “Some sellers have gotten the memo, and the ones that haven’t are still sitting on the market.”
But, because the market is fluid and can vary depending on location, there’s no precise timeframe in which your house should sell.
Reflecting on his 21 years of experience, “There are times when I’m advising the seller to reduce the price,” Las Vegas, Nevada, top agent Rick Ruiz says, “and other times when I’m coaching the seller to have patience and not reduce the price.”
Ruiz bases each recommendation on real-time market data. Even though sellers can’t access the extensive analytics available to real estate agents, Ruiz says these three tell-tale signs are a good indication to sellers that their market potential is stalling:
