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How often should we do a price drop?

We have dropped out price 4 times in 5 months now. Is it bad to drop it to often?


Asked By Ashley D. | Kennewick, WA | 201 views | Home Selling | 2 months ago
Answers (4)
Marty & Abby Champagne

RE/MAX Market Place

(33)

Yes, Pricing a property right from the beginning is very important. Too many price drops makes the buyer wonder what is wrong with the place or want to give a low ball offer on the home.
1 month ago
Jean Lewis

Keller Williams Pinnacle

(51)

Hi Ashley, Yes, 4 price drops in 5 months typically causes buyers to have some concern and they also get the mindset to wait for more price drops before putting in an offer. It is key to properly position your home on the market from the beginning and when adjusting price, it needs to be significant to grab a substantial amount of additional buyers.
1 month ago
Jessica Owen

Clark Real Estate Group

(8)

Are you working with an agent? If so, their pricing strategy is likely your best bet. However, in my opinion, it sounds like it was over priced to begin with. The market is also shifting and houses are sitting longer and that in inevitable. I do not think it is bad to drop to often, to keep interest and to stay top of mind but it should not be the ONLY marketing strategy your agent is using to get your home sold.
1 month ago
Steven Hunt

eXp Realty

(27)

It depends on the market climate. We pay attention to the estimated days on market and the avg price per sqft of the most recent sold properties. In this market I would do a price reduction every 2-3 weeks.
4 weeks ago