That depends. Depends on what? There are several things to consider. Let me discuss two.

First, pricing is an art and not a science. No matter what data and information went into determining your asking price, the price is an educated guess at best. Is it realistic or hopeful? If there is little or no information to rely on, it might just be a shot in the dark. Either way, what would convince you to consider lowering it? Some sellers think a reduction is the same as a loss when it might well be the difference between selling or not.

I suggest that a seller give this some thought at the beginning of the market process. Their thinking may change but waiting to consider how to react to the market when a house is on the market can be stressful and cause a seller to miss a great opportunity. Some sellers measure success by showings. However, a lack of showings may the result of poor or ineffective marketing. What about a house that gets many showings but no offers? That is likely a price problem as it suggests that buyers found more for the same price or the same for a lower price.

Second, a listing agent needs to have a discussion about pricing. The points already mentioned would make a great conversation. In addition, a market analysis will provide historic information as well as some insight into what is happening now, both of which have a degree of subjectivity and built-in error. As part of looking at the market and evaluating what the owner is selling, a listing agent needs to know their seller-client’s motivation: is it time or money? If the seller is committed to selling sooner rather than later, a price reduction would be more likely to be considered. Of course, in that instance an asking price might have been aggressive at the start. If it works, great. If not, some sellers will think they have already agreed to accept less than the market value. If they prioritize the amount they receive, they may be reluctant to reduce at all and if they agree, it could take time. Again, having this discussion early on will save time later and may prevent problems.

Historic sales are just that. Depending on the time frame you use, they may cross months, seasons and even years. Even if a property settled yesterday, when was the offer made and negotiated? It could be weeks or months old and not indicative of the current market. A look at the pricing for houses under contract, while not providing the number the seller accepted and not being subject to an appraisal, will at least tell you what one buyer found compelling enough to consider. You may see a trend higher than or lower than the settled pricing. Of course, any agreed-upon price could be quite different from the then-current asking price and you won’t know that until after settlement.

Depending on the market, I believe that when a new listing hits the active market, it has its greatest chance of attracting interest as there may be more prospects looking at that time than will enter the market in the next few weeks. It has been my experience that new listings can and should get a flurry of activity quickly and then, if activity or interest has been lacking, the seller has a decision to make ....

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When you pick your price, you pick YOUR competition. There is no magic to it ....

There is no time for inexperience, empty promises or false expectations.

HIRE WISELY: We are not all the same!