When do you lower the asking price?
My home has been on the market for about three weeks. There have been three showings and an open house that produced no results. The house is on a busy road and that complaint is what we hear for those that viewed the house.
Prior to signing with our current agent we interviewed a total of four. Three of them had prices within a thousand or two of each other. The fourth agent was about $50,000 lower, but had incorrect information on the house. We listed the house with the lowest of the three higher ones we got.
After two weeks and only two showings, the agent felt it nearing the time to reduce the price. Since then we had the quiet open house and another showing and she feels a price reduction is a must.
Does that seem fast? I know after a house is on sale for a long time people begin to wonder what is wrong with it, but a quick drop in the price could make us seem desperate and any bid will be much lower.
So when is a good time with no foot traffic at this time of year?