The highest interest and showing activity in a home occurs during the first few weeks on the market. Setting the right price early, or if needed, adjusting as soon as possible based on early market feedback, ensures favorable comparisons with the competition.
Once a buyer has seen the house and ruled it out they don’t check back in three or four weeks to see if you have lowered the price. By then, they have probably made an offer on another
home! Over time, other prospective buyers a wondering why no one else wanted to buy the home.
Showings in relation to Price:
1) If your home is not being shown, it means that other agents think our price is too high for the neighborhood.
Recommendation: A significant price adjustment.
2) If your home is being shown, but we are not getting any offers, it means the Buyers are finding nicer homes for the same amount of money.
Recommendation: A moderate price adjustment.
3) If your home is in the running, but the Buyers buy something else, or if the Buyers view your home a second time, but buy something else, it means that we are close.
Recommendation: A minor price adjustment.
According to statistical research by the National Association of Realtors, if the home is priced correctly, we should get one offer for every 8-10 showings.
In a normal market, we should get 1 to 2 showings per week.