"It's critical to price your home to sell from the start," said Redfin chief economist
A home for sale that is viewed by 100 buyers online in its first day receives an average of just 17 views per day after 30 days on the market. Dropping the price only boosts that to 29 views, and the bump only lasts a single day. The day after a price drop, the home's views fall back down to just 18 per day.
Online views of home listings drop off steeply after the first day, with half as many visits on day two and a quarter as many after a week on the market.
During the four-week period ending
"Especially in a market where bidding wars are not the norm, it can be tempting for a seller to price their home a little high to avoid leaving money on the table," explained
"I also pull a list of everything available in that price range I'm recommending so they can see what else is out there, regardless of property type, size and condition, because this is how buyers are searching," continued Graham. "We also keep in mind price intervals and how homebuyers tend to search on Redfin and other real estate sites. A seller might want to reduce their price by just
To read the full report, including the full methodology, please visit: https://www.redfin.com/blog/listing-views-new-vs-price-drop.
Redfin (www.redfin.com) is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the
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