10 Questions to Ask Before Dropping a Home’s Listing Price

So you’ve hired a Realtor, set a price and listed your home. The only problem is no one’s biting. The reason? Either you’ve priced your home too high (read: it’s too expensive and doesn’t come close to market value) or you’ve done a poor job marketing the listing. If it’s the former, you may need to consider dropping a home’s listing price.

Unfortunately, pricing a home incorrectly has lasting consequences. When a home is initially priced too high, it’s less likely to receive a desirable offer – or any offer for that matter. As time goes by, and the home continues to sit on the market without offers, buyers will likely assume that something must be wrong with the home. After all, if it was so great, then surely it would have sold by now. In general, the longer a home sits on the market, the harder it is to sell for the original asking price.

To prevent your home from growing stale (read: sitting on the market for multiple months), it may be necessary to reduce the price. While a price reduction certainly isn’t ideal, it can be absolutely necessary to sell a home. However, before dropping a home’s listing price, we recommend asking yourself these 10 questions (below) first. Once you answer these questions and consider alternatives, you will have a clear-cut answer on whether or not to reduce the price of the home.

10 questions to ask yourself before dropping a home’s listing price

How long has your home been on the market?

Have you marketed your home efficiently?

Have you had numerous showings and open houses without any offers?

Are you being told by others that the home is listed too high?

Have you swapped out the photos for better ones?

Is there currently an abundance of inventory?

Did the home appraise for close to the asking price?

How slow is the local housing market at the moment?

Are the comps in your neighborhood priced below your listing?

Have you already lowered your price?

Moving soon?

So you reduced the listing price, sold your home and are ready to move. Congrats! To find a reliable moving company, check Moving.com’s extensive network of movers. Our website makes it easy to find and book the best moving company for the job. All relocation companies in our network are licensed and insured, so you can rest assured that your move will be in good hands.