Here's how I get to the conclusion above...
Today, there are...
200 homes for sale in Harrisonburg and Rockingham County per the HRAR MLS. Of those 200 active listings...
116 homes have been on the market for 30+ days. Of those 116 listings that have been on the market for a month or more...
65 homes have seen a price reduction in the past 30 days.
So, yes, it would seem that many (most -- 56%) home sellers are adjusting their list price if their home is not under contract within 30 days.
It makes sense...
If a buyer hasn't made an offer, a price reduction may...
1. Cause existing buyers to reconsider your home.
2. Cause a new buyer consider your home for the first time.
3. Cause a buyer who has viewed your home to make an offer.
Should all home sellers reduce their list price after 30 days on the market? Not necessarily. Should it be a discussion about the merits of making such a price change? Absolutely!
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