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 from blockchain-based real estate platform ShelterZoom, 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 survey also digs into consumers’ problems with the home-buying process, revealing a prevalent frustration with the time it takes to get a mortgage.
About 48% said they think it takes too long to get a mortgage approved, with 36% saying the contracts take too long to sign and 34% saying too many people are involved.
When asked what could make the home-buying process easier, 48% said they’d like to ensure that their offer was presented to the seller and to track the offer every step of the way.
ShelterZoom co-founder Allen Alishahi said the survey results underscore the fact that buying, selling and renting real estate is “too slow, too inefficient, too opaque and too expensive,” and that this has been the norm for too long.
“When you consider how fast everything moves these days – thanks in large part to technology – and how short attention spans and expectation spans have gotten as a result, the home buying and selling processes are even more of an anachronism than they were just a few years ago,” Alishahi said.