2 Weeks on the Market Should I drop my price? (agents, Realtors, listing)

[mttaborlt]

My house is Mt. Tabor Portland, OR has been on the market 2 weeks it has had about 10 showings, an open house, and realtors open (with 20 or so attending all saying it was priced right). My first priority is to sell quickly, my second is to get the best price. My house is at the top end of the price range for the area $600K but I priced it $50K lower then a similar home currently on the market. I am thinking about lowering my price between $10K and $25K to spur some action on it. What do you think. My realtor is conserned that it is too soon with easter and everything last weekend, but I think more competition is comming so I want to sell now.

[stoymonkey]

Spur some action?? Sounds like you have action. What does your realtor think? I say be patient, the word on your house could still be "getting out there". im curious what the realtors on here think though??

[MsFancyPants]

I will ask the question that is coming! LOL!

What is the last SOLD comp? Not the ones listed but the last one similar to your size, bedrooms, neighborhood that sold.

[azcater]

If you're getting showings, I would wait it out a while longer.

[beckycat]

Be patient, it's only been 2 weeks!

[DMenscha]

Good for you for having the house on the market and being competitive. If you're getting that much action, I wouldn't be in a big rush to get it lower.

[middle-aged mom]

Originally Posted by MsFancyPants

I will ask the question that is coming! LOL!

What is the last SOLD comp? Not the ones listed but the last one similar to your size, bedrooms, neighborhood that sold.

I echo this.....

Active comps often represent seller fantasies and do not necessarily have anything to do with the facts, sold/closed comps.

[middle-aged mom]

Originally Posted by mttaborlt

My house is Mt. Tabor Portland, OR has been on the market 2 weeks it has had about 10 showings, an open house, and realtors open (with 20 or so attending all saying it was priced right). My first priority is to sell quickly, my second is to get the best price. My house is at the top end of the price range for the area $600K but I priced it $50K lower then a similar home currently on the market. I am thinking about lowering my price between $10K and $25K to spur some action on it. What do you think. My realtor is conserned that it is too soon with easter and everything last weekend, but I think more competition is comming so I want to sell now.

Sounds like you have your ear to the ground, in your local market and caught the buzz that more homes will be coming to market, predictable given it's Spring.

It makes me batty when anyone relies on what other agents say about your pricing. No doubt, those who attended your Broker Tour are the listing agents of the competition. Do you really think they are going to tell you or your agent that your price is too high?

I think it's entirely possible to guage a market in a few weeks. ( Easter weekend was the best YTD weekend, in my area).

If you are not getting second showings ( a prerequisite for most offers) chances are you need to be better positioned within your local market, versus the sold comps. Consecutive itty-bitty price decreases tend to do one thing, beget more itty-bitty price decreases. Do it once and make it meaningful to get sold.

[eric#1]

If prices are currently dropping it is wise to stay ahead the lowering of prices so you don't fall behind if you know what I mean. Pricing too high can cost in the end. If they are steady, or going up, be patient. If you don't trust your agent (which it sounds like you may not) check out some open houses over the weekend, and then have your agent show you what places are going under contract. I live in a rural area. Properly priced homes (within the median price range) still often take 4-6 months

[LongIslandCitizen]

Originally Posted by eric#1

If prices are currently dropping it is wise to stay ahead the lowering of prices so you don't fall behind if you know what I mean. Pricing too high can cost in the end. If they are steady, or going up, be patient. If you don't trust your agent (which it sounds like you may not) check out some open houses over the weekend, and then have your agent show you what places are going under contract. I live in a rural area. Properly priced homes (within the median price range) still often take 4-6 months

Drop the price or you will lose more in the long run.