When you list your home, you want it to price it high enough that you make a profit—but competitively enough that it sells quickly. It can be a hard balance to strike, and in certain situations you might find that you priced too high and need to drop the price.
But when, exactly, do you drop the price? How long do you let your home sit on the market without any offers before you adjust the price to be more competitive—and to get your home sold? Well, if you’re like most sellers, chances are it will be somewhere around the three-month mark.
According to a recent survey from blockchain-based real estate platform ShelterZoom, many home sellers (33 percent) opt to wait three months with no offers before lowering the price on their home. Other sellers are quicker to lower their prices—just under 20 percent said they would only wait one month before bringing down their price.
While the majority of sellers wait one to three months without an offer before lowering their price, that doesn’t necessarily mean you should do the same. If you’re concerned your home isn’t priced correctly, talk to your real estate agent. They can help you come up with a solution that gets your home sold quickly—at a price you’re comfortable with.