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Peter Mohylsky, Destin BeachPro, Call me at 850-517-7098 (PMI. Destin)

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Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Both are very important - An increased number of DOM reflects that the property is overpriced. I typically request that if a seller is listing higher than my market value for their home, we schedule price reductions beginning Day-10. In today's market, if a beautifully staged home in an in-town location hasn't sold in 7 - 10 days, the property is overpriced.

I often caution them that if you list it at market value instead of too high, likely you'll get that 'make-me-move' higher price in a bidding war. 

Mar 18, 2024 03:17 PM
Rainmaker
137,265
Michael Elliott
Fathom Realty - Burlington Township, NJ
Burlington, New Jersey Residential Sales

1.  That depends on the specific seller

2.  In my current market, 1 week, but my market is not slowing. 

Mar 18, 2024 02:05 PM
Rainmaker
1,510,173
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

The net.

Mar 18, 2024 03:49 PM
Rainmaker
916,928
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Overpricing is usually a mistake that leads to higher DOM. Price should be dropped as soon as you realize you're getting no showings and no offers.

Mar 18, 2024 03:10 PM
Rainmaker
1,562,157
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

Days on market can prevent top dollar. What's most important is price: price it right to attract multiple buyers and offers - that produces top dollar. The time to reduce the price is based on the avg days on market data for each neighborhood, no one can really offer good advice without that data.
Typically though, if after two weekends we have no showing or showings no offers, I'm on high alert for price improvement.

Mar 18, 2024 04:31 PM
Rainmaker
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Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

I will suggest adjusting the list price if there are no showings or, showings but no offers in the 1st week or two. Every situation is different. I'm more concerned with DOM

 

Mar 18, 2024 04:07 PM
Rainer
384,567
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

Depends.  How long has market been slowing?  Is there competition at a better price?  What's the current DOM?  

Mar 18, 2024 02:57 PM
Rainmaker
5,134,588
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

It's not a binary decision. Typically the longer you're on the market the less money you get. Regardless of market conditions, I tell my clients if they get lots of online traffic in the first two weeks and little foot traffic, our price is probably too high. If they get a lot of foot traffic the first two weeks and no offers, our price is probably too high. I don't believe in chasing any kind of market. Price it right for the market up front.

Mar 18, 2024 02:34 PM
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Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

Showings without an offer means the property is overpriced. Waiting 90 days to reduce, could be the death of the listing - do it sooner. If the property sits for an extended time, maybe the sellers are not motivated or looking for those out-of-area unicorn buyers! 

Mar 18, 2024 05:20 PM
Rainmaker
2,252,447
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

     Who said it is a slowing market? Your seller's time table, financial needs and avoiding moving twice all factor into the best course of action if owner occupied. When empty house, longer DOM makes buyer audience wonder why.

     Adjust the price to bring it in line with current market or if a tad over priced happened Peter Mohylsky, Beach Expert .Two reasons why a property DOES NOT sell. Wrong price, lack of marketing or a little of both.

     Not a cut and dry at this many days, adjust this certain increment absolute. Per case basis and lots of human and market variables factor in or they would not need agents, brokers, REALTORS. Hockey players who are successful "see the ice". It's like a "spidey" sense.

Mar 18, 2024 03:36 PM
Rainmaker
1,338,614
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I try to price so that the listing is attractive and not overpriced. In our market, right priced houses sell quickly. DOM increasing makes a house look undesirable when the problem is probably only price.

Mar 18, 2024 04:40 PM
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

 

I do not believe there is a blanket answer to this.  It depends on the location, and how well it was priced in the first place. 

I like to have my listings on the market for one full week. During that time I monitor the showings and the level of interest. 

 

 

Mar 19, 2024 08:29 AM
Rainmaker
2,790,147
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

DOM demands respect. It tattle-tales and there is nothing you can do but to come up with a fancy story which in Real Estate, is automatically suspicious. Top dollar is an illusion and chasing it a fool's errand. The market has the final say & understanding that, the buyer & agents & all the rest of the collateral operations await the outcome. The courts describe it best: Willing seller & willing buyer must meet. Agents must get them there

Mar 19, 2024 07:19 AM
Rainmaker
7,901,426
Roy Kelley
Retired - Gaithersburg, MD

In our area, if a property has been on the market for more than a couple of weeks, it is time to identify the problems.

Mar 19, 2024 05:38 AM
Rainmaker
5,273,573
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Price it tight and let the chips fall where they may!

Mar 19, 2024 03:35 AM
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Alan May
Jameson Sotheby's International Realty - Evanston, IL
Cicadas are coming! Cicadas are coming!

It's not necessarily one or the other.

I don't have a standard "when" for price reductions.  I treat each transaction individually, and take them as they come.  Sometimes special circumstances are at play, sometimes personalities, and sometimes it's just a market.  I don't believe in knee-jerk reductions.

Mar 18, 2024 05:20 PM
Rainmaker
769,129
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

My job as a Realtor is to maximize my client's investment so getting the the top net dollars is my number one priority.  Price adjustments are made based upon the days on market, number of showings, and feedback from the agents the have shown the house.

Mar 19, 2024 09:17 AM
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Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

I warn my sellers from the beginning about the dangers of chasing a declining market, get it right the first time.

Mar 18, 2024 09:50 PM
Rainmaker
1,062,960
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Depends on the seller and their 'why'.  I have sellers who will wait for the right deal . . . we have that discussion prior to list. I recently wrote a post where a baby agent wanted to get smart with me, 'well the property's been on the market 732 days' 

"Oh MUCH longer than that . . . and we've rejected numerous offers that don't hit seller's sweet spot."

^^This is more about commercial and land than homes.^^

 

With a home, I DON'T WANT long days on market, so if seller insists against my advice (noted in the agreement) . . . we bake in an auto reduction, sometimes more than one, incrementally. I'm not having this discussion more than once! LOL

Mar 18, 2024 06:27 PM