Drop asking price

[Troy Kingsbury]

On an investment home, when do you drop the price if you have not received an offer? 2 weeks, 1 month, etc.

[Andrew V.]

I'm still pretty new so anyone correct me if I'm wrong but I think it's just your gut feeling on the property. I hardly got any interest in a property this week the first 3 days I was marketing it, definitely no offers. I wasn't sure if there was a market for a 1/1 and it was in a town I didn't know much about the market so I dropped it $5000 and had people all over it today. Ended up getting a contract on it today blind and another willing to pay more and as much as I would like more money I do first to come with a contract and deposit gets it. I now have more buyers begging me to come to them first so although I may have left some money on the table, I have established in my buyers that I bring deals which I think will help me in the future since I'm just starting out. I guess it pays to know your market.