Q: “Denise, I have a listing which should have sold given the market conditions. However, it is on an odd lot and I think that is why it isn’t selling. It has been on the market for two weeks now and everything else around it is goes under contract within a week. In the past I have waited a month to do a price reduction. Should I wait or have a conversation with the seller?”
A: Markets change all the time. Although in my Pricing System, I indicate that three weeks is a good time to review the listing, in some markets (and at certain price ranges) if a listing isn’t under contract within a week, it isn’t priced at market. In other markets or for higher-priced properties, that timeline may be longer.
Remember, as the buyer pool for a property shrinks, the price must shrink along with it. Have that conversation with the seller and indicate that the market has clearly indicated the price is not right and adjust.