How long is too long?

At what point do we consider that the price the owner and agent are looking for is too high?
16-01-2021 |

At what point do we consider that the price the owner and agent are looking for is too high?


Interestingly in my experience, buyers are excellent at doing their research, while sellers are not.  Buyers have never been more informed and with so much information at their disposal, they are savvier than ever – smelling an overpriced home from a mile away. 


The first 14 days on market are critical. These two weeks are when active property buyers interesting in homes such as yours will act. Priced correctly, your home will see strong home open numbers and may even have an offer on the table. The following 14 days should see home open numbers soften a little, but activity such as second inspections and more offers should remain. If this is not the case, you are more than likely overpriced for the current market.


The longer your property stays on the market the less likely you are of achieving your price, as buyers as buyers will know a price adjustment is looming. 
My belief (and experience) tells me that if you have not received an offer at a level you are prepared to negotiate in the first 3 weeks, you will need to think about a price adjustment or consider other options such as the rental market or waiting.