Price Reductions In A Fast Moving Housing Market

A few years ago (maybe five) a home seller would often wait a month or two before giving serious thought to adjusting the asking price of their home if it was not yet under contract.

But now, with a median "days on market" of just five days... home sellers are often concluding much more quickly that their asking price might need to be tweaked to inspire a buyer to make an offer.

This faster pace of price reductions makes a lot of sense unless you have a super unique house or property that is only going to appeal to a very small pocket of buyers.

In the current market, if you listed your home for $450K (for example) and didn't have any offers in the first two weeks, you may very well have priced it a bit higher than the market will bear.  Perhaps it should have been priced at $425K instead.

So... for as long as the market continues to move as quickly as it has been for the past few years, you can gather pricing feedback rather quickly once your house is on the market, and quickly adjust your pricing if you are not generating offers... or if you are not generating enough showings to make you confident that an offer will be forthcoming soon.