Residential

How to know when to drop the asking price on your home

High demand and low supply have made it a seller’s market pretty much all over the country, and especially for lower-priced homes.

That does not mean every house will sell or sell quickly. Price is still important, especially as some markets begin to overheat.

The low number of listings has made the market more competitive, pushing prices higher at a fast clip. Nationally, prices are up about 7 percent from a year ago, and in the hottest markets they are up double digits. Still, a house can be overpriced, and today’s savvy house hunters can smell an overpriced house a mile away.

If a listing is overpriced and sits on the market for too long, it gets stale. Potential buyers will see the time on market and click past your listing, often without even looking at it. That is why it is best to lower your asking price before your listing hits the stale stage.

So when is that?

Read Article at CNBC.com

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