How To Price It Right In a Declining Market
Agents will tell you that in most all real estate markets, price is the key to selling your home within a reasonable time frame. It’s most important in a declining or buyer’s market as exists today in most parts of the United States.
As a rule of thumb, if after the first 21 days, your home has had a goodly number of showings, but no offers, the price is probably within 5 percent of market. But, if after 21 days there are very few, or no lookers, the price is likely at least 10 percent over market value, or worse, the price could be unrealistic.
As a seller, you should understand that most buyers are willing to offer 5 percent under the asking price and not be afraid of offending you. But, very few buyers will offer 10 percent, or more, under the asking price. The buyers, and their agents, will simply refuse to even look at a property that is 10 percent or more over priced.
