Let’s start with the first question:
When Should Sellers Lower Their Asking Price?
After 34 years in the real estate industry and having navigated every type of market cycle, my answer is straightforward:
If a property has been on the market for 30 days, all marketing efforts have been implemented, a healthy number of buyers have toured the home through private showings and open houses, and no offers have been received, it’s time to consider a price reduction.
Why?
Why Do Some Homes Sit on the Market Longer?
The answer is really a continuation of the first question.
Pricing is everything.
Responsibility for pricing usually falls on the seller, the listing agent, or both. When a property is priced inaccurately, the market will typically reveal that within the first 30 days. That’s when adjustments should be made to avoid becoming the 60-, 90-, or even 120-day listing that buyers begin to question.
I often use the story of Michael Jordan’s home as an example.
Even Michael Jordan, along with his team of advisors, fell into the trap of overpricing.
- The 7-acre estate was originally listed in 2012 for $29 million.
- In 2015, the asking price was reduced to $14,855,000—a creative reference to his iconic jersey number, 23.
- The property eventually sold for approximately $9.5 million, representing a 67% reduction from the original asking price and only a fraction of the estimated $50 million invested in building the estate.
The lesson is simple: the market determines value, not the seller’s expectations.
I can’t say it enough—pricing correctly from the start is one of the most important factors in achieving a successful sale.
Offering perspective, experience, and thoughtful guidance since 1991.
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