It is imperative to price your home correctly from the start. Fair or not, home-shoppers judge your property by how long it has been on the market. The more weeks a home is on the market, the more negatively it is looked upon. Homebuyer interest wains as they wonder why a home has been on the market for a few weeks and hasn’t already sold. Interest is highest on the first day a new listing is posted.
Dropping the price may put it on the radar of buyers looking in its more appropriate price range but it will never have the appeal it did when it was fresh on the market.
Redfin conducted research of 1.2 million listings for more than a year to discover the number of views each listing received over time. Their discovery confirmed what Realtors have been telling new home sellers all along – pricing a home accurately from the start is critical for it to sell quickly and for the most money.
Properties new on the market that receive 100 views per day the first few days only receive 17 views per day after only one month. In fact, views drop off steeply after only one day on the web, by up to one half or more. This is because most serious buyers are receiving automated updates of brand-new listings meeting their criteria and tend to disregard anything older.
This data also emphasizes the importance of posting high quality photos, correct and accurate data, and writing a compelling description from the first day it is posted online, when it is most viewed.