House on market for two weeks with no interest; realtor wants to drop price, should I?

Question

I listed my house for sale only two weeks ago. Then it took another few days before all the pictures and virtual tours were posted on the agency's website, so basically only about a week and a half.

My realtor called me yesterday to say that she thinks we should drop our asking price because there's been no showings of our home.

I didn't expect people to start beating down the door the first day. And with the way the housing market and economy is right now, I didn't think my house would sell in ten days.

Should I drop my price?

Answer 1

Its hard to say without knowing all the facts,

Somethings to considered, you are trying to sell into one of the worst housing slumps in recent history, then you have a limited amount of buyers compared in the past because of the credit crunch, then how many houses are for sale in your area

In reality in this market its really immaterial what other house are listed for if they are not selling, so what has actually sold in your area? remember housing prices will continue down ward until late 2009 at best

Answer 2

I agree with above- check out yahoo.com real estate and start doing research in your area about how much house are selling for a for what.  It does take sometime.... and 10 days is nothing!  I sold a townhouse and I didn't have any interest for like a month- and then it was like a circus with people going in and out of there.

Sounds like your agent wants a quick sale.... watch them they will try to push you to lower the price for a quicker sale for themselves.  AND TELL HER YOU WANT AN OPEN HOUSE- before dropping your price.  This way they can survey the house and people can write comments about the home.  It's helped me because I had to fix some things and change some things in the house to make it more attractive to buyers.

Answer 3

If you are in no hurry to sell, stick to your guns.  If your Realtor is eager to drop your price this quickly, it is likely priced to high to begin with.  If you really want to sell, keeping an overpriced house on the markettoo long is bad because it can become stale (attracting the low-ball buyers).  Still, a week and a half isn't very long at all and don't forget, you are the boss!  Good Luck!

Answer 4

Your right. It's only been two weeks. Unless you are in a hurry to sell, I wouldn't consider dropping my asking price for at least 3 or 4 months.

Answer 5

We can't answer in good faith because we don't know your market. But here is what I do with my business, if after 21 days we have no interest , we drop the price. We continue to drop the price every 10 days until we get an offer.  You choose.

Answer 6

Absolutely not.  Your Realtor is showing signs of taking care of herself...not you.

In this market, I would wait at least 30 days before I would consider dropping the price.  Be sure she doesn't put anything silly on the MLS listing or on your lawn such as "price reduced"...b/c it makes you look desperate.

Answer 7

look at other homes for sale in area. price it right. you can lower price weekly or monthly based on when re book is sent out to re. lower price in mult of $500.

Answer 8

Dropping the asking price doesn't mean that you must sell at such price.

Good agent at the bad market use such trick: put LOW asking price to suck buyers in, then you work the crowd.

right now you have nothing to work with.

So your agent is correct and you MUST maintain your selling goal.

Answer 9

UNLESS YOU ARE OVERPRICED ------NO ----THE REALTOR JUST WANTS TO MAKE A SALE AT YOUR EXPENSE FOR THERE OWN WALLET .

Answer 10

Do what YOU want to do, not the realtor.  Remember, the realtor is working for YOU.  Has the realtor had an open house for you?  Has the realtor posted the new listing in advertisements around town?  How many potential buyers that the realtor has been showing houses has the realtor brought by your house?

Let's face it, realtors don't make money unless they sell houses or find a buyer a house.  With the way the market is, realtors are trying to make sure they get a paycheck as well as helping people sell their homes and helping prospective buyers find homes.  Your realtor may be giving you this advice because of that.  Not saying they are, just a possibility.

In the end remember YOU are the boss of this situation and the realtor works for YOU.

Answer 11

In my market (CA) GOOD homes are selling within a few days.

People do view them early, your agent could very well be correct and the house is simply over priced.

If she is a goo agent she has called the other good agents personally and tried to sell your home, it should have at least shown.

Of course you could also have a bad agent, only about 10% of them actually sell houses.   Her sales skills may be lacking.