Price Cut: How Long Should You Wait to Lower Your Home Listing?
The million-dollar question in real estate: how long do you wait to drop the price on your home if no one has made an offer?
It can be disheartening to adjust your listing price, but if some time has passed, your real estate agent might suggest it.
ShelterZoom, a blockchain-based real estate platform, released a recent survey that asked home sellers how long they’d wait to lower their initial price.
While these timelines aren’t necessarily suggested (your real estate agent will know when to alter your home price based on the location, region, and style of home), these timelines are what homeowners would contemplate doing on their own.
Out of the 1,000 respondents, 33% claimed they would consider a price reduction after three months – which made this the most common choice.
20% said they would wait one month, while 17% said they would wait for five months. 9% of those who responded stated they could wait an entire year before a price cut.
12% said they would never lower the price of their home.
Each region, location, and style of home will respond differently to listing changes. It’s best to discuss price with your real estate agent.
While every homeowner has a different goal and path for what they’d like to accomplish in real estate, it’s always important to have a game plan when listing your home.