I don’t know if they surveyed actual home sellers, but if these stats demonstrate the current sentiment, it shows how critical it is to list a home at ‘market price’ vs. ‘dream price’.
An excerpt from this HW article:
You’ve listed your home for sale, and no one is taking the bait. One month passes, then two. How long do you wait before you increase the odds of an offer by dropping the price?
According to a recent survey, most American home sellers opt to reduce their asking price after three months of zero offers.
Specifically, a survey of 1,000 consumers revealed that 33% would opt for a price reduction after three months, making it the most common choice.
Just under 20% said they would wait one month, while 17% would wait five months. For about 9%, it would take an entire year before they’d reconsider their price.
But for others, they’d rather not sell at all as opposed to selling for less than they originally wanted, with about 12% said they would never lower the price of their home.
The 33% would wait three months, but 38% would wait at least five months or longer to lower their price, if at all (17%+9%+12%).
Zillow says that the average price reduction is 2.9%, which isn’t going to impress buyers much. When prices were rising 5% to 10% annually, the market would catch up with a wrong price before too long. But now that pricing is flat, we don’t have that luxury – and we need to be smarter about price strategy.