Realtor Rules of Thumb
Once upon a time, when homes were cheap, Realtors had a saying: “10 showings, $10,000.”
In other words, if a home had 10 showings but hadn’t sold, a $10,000 price cut was in order.
Then, home prices went up — seemingly forever — and the phrase fell out of favor.
With the average Twin Cities home now selling for about $175,000 — down 35% or so from the 2006 peak — that phrase applies again.
In fact, depending on Buyer feedback, competing “For Sale” homes, and time on the market, when a home is getting showings but not selling, a 3% to 5% price cut is usually indicated.
For an average-priced home, that comes to …. $5,000 to $10,000. See also, “Nurse! I Need a Price Reduction, Stat!!”