How long do you let a house sit on the market before lowering the price?
How long is it taking other properties in the same area to sell? I've done deals all over the country and I can tell you that in southern California that if you don't have offers in two weeks then drop the price. In Michigan we drop the price after 45 days then every 30 days after that.
I agree with @James Paine , it's all relative to the market you're trying to sell in. What are the average DOM for comparable houses? Also depends on how fast you need to sell the property and what timeline you're needing/wanting to meet.
If you're using an agent they should be able to tell you the average DOM. Also helps to get a second opinion from another agent, just in case yours is being selective with the info they provide you.
Good points! Hadn't thought to ask my agent that. I will check with her in the morning. We decided to drop the price yesterday by $5k. Hopefully that does the trick. Our house is in a very seasonal area, so sales are slow this time of year. Most houses there sell in the spring. I'm hoping ours sells quickly because our tenant moves out this month and we are in the process of purchasing another home.
every 30 days drop it 8% till its gone. If you mess up, expect multiple offers. Wait 3 days before doing anything once a price drop kicks in.
Ok average DOM is between 7-8 months. I can't afford to keep mine that long. I need to sell it in the next 3. It has been on market for 1.5 months already. I only dropped it by $5000, which is 2.5%. You really drop 8%? That seems like a lot.