When should you do a price drop?

[Anonymous]

I'm selling a townhouse that's been on the market for 20 days. We've had two very (35k under asking price) low offers, but nothing else. Lots of interest, showings and compliments. The townhouse is priced identical to other townhouses that sold recently with identical features. 5 townhouses recently sold in my development right before mine went on the market, so I'm wondering if mine isn't selling because buyers who wanted one of these townhouses already bought? Any ideas?

When should we do a price drop?

[Anonymous]

Are you in the Mosaic District?

[Anonymous]

Anonymous wrote:Are you in the Mosaic District?

Nope! hah

[Anonymous]

I would say 30 days

[Anonymous]

What price range?

[Anonymous]

Is it better to do a 10k price drop after a month or a 5k price drop after two weeks? Which would get the most interest?

[Anonymous]

OP here- It's under 400k

[Anonymous]

Without more details it's hard to know. For instance, 35G less isn't that low of an offer to me, so I would have worked with those birds in hand rather than refuse. But then if your home is <300G maybe 35G less seems like a lot. Higher priced homes- a 35G lower offer is still a serious offer.

[Anonymous]

Anonymous wrote:Without more details it's hard to know. For instance, 35G less isn't that low of an offer to me, so I would have worked with those birds in hand rather than refuse. But then if your home is <300G maybe 35G less seems like a lot. Higher priced homes- a 35G lower offer is still a serious offer.

Yes I know. We countered with the low offer, but they wouldn't go up at all. And we received that offer our first day on the market. Every other townhouse sold within 5k of our asking price and ours is a bit more upgraded.

[Anonymous]

What zip?

[Anonymous]

OP here- I mean this as a general question. I don't want my specific place found and discussed on DCUM.

Is it better to do a 10k price drop after a month or a 5k price drop after two weeks? Which would get the most interest?

[Anonymous]

I don't think either price drop is likely to make much difference. I would do a 5 percent drop if you haven't gone under contract in 30 days.

[Anonymous]

Your neighborhood has seemingly exhausted its buyer demand for the moment. If you do not need to sell now, pull the house from the market for six months to allow demand to build up again -- and then relist it. Otherwise you could potentially lose $35K of possible gain.

[Anonymous]

what reason is your realtor giving you for it not selling if it is competitively priced and updated?

[Anonymous]

Anonymous wrote:Your neighborhood has seemingly exhausted its buyer demand for the moment. If you do not need to sell now, pull the house from the market for six months to allow demand to build up again -- and then relist it. Otherwise you could potentially lose $35K of possible gain.

OP here, I truly hope that this isn't the case, but that's what I fear. Luckily we're still having showings. We really would like to buy another home.