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.

Guess what?

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!!”

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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