When you list it, list it right.
At least, that’s what a new survey from Redfin is suggesting.
When it comes to listing your home for the first time, it pays to list it for the correct amount the first time, rather than initially starting with a higher price to test the waters.
Homes get 3.4 times more online views the day they are listed than they do the day the seller drops the price. Online views of the home drop significantly after the first day, with half as many visitors on the second day and a quarter as many after a week of it being listed.
Redfin Chief Economist, Daryl Fairweather, explains: “It’s critical to price your home to sell from the start; fair or not, buyers judge a home by how many days it has been on the market.”
The survey found that when a home is listed and is viewed by 100 buyers online its first day, it receives an average of just 17 views per day after 30 days on the market. The day of a price drop raises to 29 views; the day after a price drop has an average of 18 views.
Dropping the price on a home would theoretically bring in more activity, as it might become more affordable to a larger portion of home shoppers – however, it seems as though a price drop means bad news to potential homeowners.
Redfin’s advice – price right the first time.