There comes a time for each home on the market that just seems like it has been there too long. While the exact moment for when this threshold is reached depends on the personal needs and timeline of the seller, usually the itch begins around the 45th day with no offers, and becomes further accelerated when the 60 day mark hits.
If a home has been on the market this long with no real interest, slightly reducing the listing price may entice more buyers. However, before you leave money on the table, you may want to consider how the features of the home are being showcased.
Features are things that pop up on most homebuyers’ wish list. Maybe they can’t live without a butler pantry, a third bedroom, an en suite bath, or an office– which are usually things that either come with the house, or they don’t. But Key Features are entirely different and their inclusion should be considered before you reduce the price of your listing. A Key Feature might be something like a newly updated kitchen, new carpets, a nice deck, air conditioning etc.
By investing a small amount (anywhere from $1,000 to $10,000) into your home, you might be able to save yourself from a budget-breaking $50,000 to $75,000 price drop simply because buyers will have an easier time envisioning themselves in your home.