Most Home Sellers Will Wait this Long Before Dropping Their Listing Price

Hello Hampton Roads,

I recently read a HousingWire article entitled "Most Home Sellers Will Wait this Long Before Dropping Their Listing Price" and the most common answer was 3 months with zero offers.  17% of those surveyed said they would wait 5 months before they dropped their price, 9% said they would wait a year and 12% said they would never drop the price.

Aside from certain situations where the house has to sell at a certain price to avoid a short sale, those don't sound like motivated sellers to me!  All real estate is local so I only have our local market to compare it to and in Hampton Roads, the best homes go under contract in a matter of days and often at or above the list price.  By best homes, I am talking about the homes that are in good shape and appropriately priced at market value.

As a home seller, time is not your friend. The longer your home stays on the market, the more the listing stagnates.  Longer time frames make people wonder what's wrong with the property, why it's not selling.  Additionally, the most valuable time on the market is during the first month, especially when the property it is listed as "NEW". In our MLS, the "NEW" status lasts the first 7 days and buyers and their agents look at new properties first.

If you are selling a home, you want to take advantage of the time when the home is first listed.  If you have zero offers and limited showings in the first month, the home is probably over-priced.  Why wait an additional 2 months for a price reduction?  Consider the money you will be spending on the mortgage, insurance, utilities as well as the opportunity cost of not being able to move forward with your new housing plans sooner.

As a home seller, the goal is to get the best price and terms that you can for the sale of your home and the best way to do this is by making sure that the home is appropriately priced at market value when you first list it on the market!  Pricing the home right leads to faster sales and perhaps multiple offers which can boost your sales price.  Over-pricing the home aka pricing it above market value will get you neither.

If you are curious about what your home could sell for in today's market, go here for a free, no obligation evaluation:

Thanks for Reading,


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