How Long Should Sellers Wait to Reduce Their Price?
“If a tree falls in the forest in forest and no one is around to hear it, does it make a sound?”
“If a Seller drops their price when the market’s slow, does anyone notice?”
–Corollary, Ross Kaplan
Not all “days on the market” are created equal.
What does THAT mean??
Just this: 60 days of market time — if the home is located in the Twin Cities and the interval in question is March and April — says volumes about how well-priced a home is.
The same home on the market between November 15 and January 15?
Not so much.
The point of the above is, a home that sits during a seasonally busy time of year is very likely mismarketed, overpriced — or both.
The best time to remedy those problems is while the market is busy, not after activity falls off.
Twin Cities Housing Market Rhythms
So, in the Twin Cities housing market, I’d characterize Buyer activity at the moment as being at a seasonally high plateau.
That’s likely to continue for a few more weeks, until the arrival of Memorial Day weekend, and — for families with school-age children — the end of the school year.
Things pick up again mid-June, then predictably slow down ahead of the 4th of July break.
The bottom line for Sellers who listed their homes earlier this Spring, but haven’t sold yet?
May is a good time to revisit price.
See also, “Nurse! I Need a Price Reduction, Stat!!”