for house listed in late Oct.is it time now to reduce the listing price?

[chet everett]

Originally Posted by new jersey mike

It depends if you want to sell it or follow it down in price. If your serious and really need to sell, try using zillow look at the chart of your neighborhood or style home and be the lowest.

I don't know how well Zillow works in NJ, but in Chicago and the surrounding suburbs the fact that selling prices are often inaccurate, condos / multifamily are lumped together with single family detached AND the "Zillow algorithm" is based on pure geographic proximity NOT important boundaries (like school attendance zones...) means the "trends" they report are WORSE THAN USELESS!

In MANY parts of this region there is a GLUT of condos / multi-family RIGHT ALONGSIDE a shortage of non-high end single family. Any reasonably competent local real estate agent / broker would be able to separate out the proper category and use an accurate yardstick to judge if you are correctly priced...

[chet everett]

Originally Posted by Rlest8

Homes sell any time of year - if they are priced right! Reduce. Housing uptick? I like your optimism. Correct you can't raise the price but you can get multiple offers and get over list price if your home appears to be a bargin. It still happens.

The FACT is the BUSIEST time for real estate in the Chicago region has HISTORICALLY been late winter / early spring. That is when SHOPPERS make the comparisons, evaluate the trade-offs of relocations, make offers and negotiatiate.

There can be a large number of closings in early June but those deals were often hammered out well before April. In all honestly the odds of sale happening after July 4th is so slim that MANY experienced real estate agents / brokers head out of town on vacation...

The OP really really really had BAD TIMING by listing in October -- relatively few homes in this region change hands that long after schools have started AND the pressure of bad weather / holidays are pressing.

For most homes that are fairly / accurately priced in comparison to CLOSED sales nearby (regardless if they are un-distressed sellers or those with the burden of a short sale or non-damaged foreclosure) it is reasonable to expect at least some serious offers in 30-45 days. If that offer does not lead to a closing (perhaps due to buyer failing to qualify for financing, which is depressingly common with shifting lender / government requirements) MAYBE it makes sense to stand firm on to your "fair price" for as long as 90 days or so. IF the deal fell apart because there were no appraisals to support the agreed to price then you basically MUST drop price...

I will also caution that for the above "rules of thumb" there are PLENTY of exceptions -- luxury homes in the appropriate high end neighborhood often take a little longer to sell (homes over improved / inappropriately over sized/ dolled up for their neighborhood rarely if ever sell for as much as their delusion sellers think they are worth...), homes in declining areas, even when structurally excellent, often take MUCH LONGER than the average to attract buyers, homes in the rare "highly desirable" area WITH the kinds of features that appeal to "move up buyers" can be expected to sell significantly faster than average EXCEPT at times of the year when even eager buyers cannot / will not move (such as during the holiday season / when weather is bad / in times of political change...).

It is TOTALLY TRUE that "homes sell any time of year". The best real estate agents will TAILOR a marketing plan to the needs of the seller AND factor in the reality of the market conditions along with the positives and negatives of specific listing -- trying to sell a "starter home" at a time when there are more move up buyers takes a very different approach than trying to snag move-up buyers for a home surrounded by places that are going to appeal to first time buyers. Sometimes the toughest sale is for a home that has one or two glaring negatives but is otherwise a real gem -- all the curb appeal in the world won't blot out the concrete plant across the street, the builder that plunks a huge lavatory with bidet and gold plated faucets right next to the kitchen that is too small has every shopper thinking NOT "I'd love to live here" BUT "What a shame it would be to rip out the Donald Trump bath to have enough room to make lunch for the kids...".

The OP needs to take a REAL HARD LOOK at what their real estate agent pulls up from their local MLS about which homes have sold recently. Ideally their agent has viewed many / most of those homes, maybe even showed some to the same buyers that have seen the OP's place. If an honest comparison shows there are "uncurable defects" the bitter pill of a single big price reduction needs to be prescribed ASAP. This is far more effective than "whittling down" prices over time.