Magic Number

Nothing is ever 100% defined in real estate.  The same applies to the price you list your home for.  Certainly, you and I both want to acquire the highest possible price possible and starting at the highest price we think we can get for the home is not a bad plan.  It is only a bad plan if there is some urgency to sell quickly, in which case discounting the home from the start may be what you may need to do.

Regardless, I always advise my Sellers that nothing will truly happen until you hit what I call the “magic number.” That is the number in which you may see an increase in showing or the price in which a Buyer is willing to make an offer.

No amount of extensive marketing or conducting open houses is going to sell your home if your price is still too high for the market. This is why it’s recommended that you consider price reductions after a couple or weeks and no later than 30 days.  There are circumstances that warrant leaving your home on the market a lot longer before doing any price reduction and those instances are with high end homes or homes unique to the market like a Turn of The Century home for example.  The average homes on the market should adhere to price reductions quickly as opposed to later since the longer a home sits on the market, the less likely it will get even a reasonable offer due to the days on market which are known to Buyers and Agents.