Hello, Real Estate Pros: I am a new member of BP and Las Vegas resident. After 12 days on the market without an offer and no showings, I think the problem is the price—too high for the neighborhood. With our Realtor's guidance and expertise, she said that based on recent sold (only 2 homes in the past 2 months, similar year built, square footage) our property is priced right and it support the sales of other homes in the area. And if we don't see any activity after 2 weeks, we could lower the price below the suggested comps. When is a good time to lower the price, waiting 2 weeks without any activity is the best practice? I just don't like the idea of waiting to make a move because in my opinion the longer our home sits on the market, the lower the final selling price relative to the list price. Am I too impatient and just need to give it sometime for the marketing strategy to work? I'd appreciate any suggestions and thank you in advance!

As the seller, I actually suggested to list our property below the comps because for the same reasons you mentioned above, but agreed to list it based on sold comps and realtor's guidance. After 2 weeks without activity, we adjusted the price.

No problem, you may also look at changing out the pendant lights over the bar too. Get something modern and clean looking, could make a big difference for just a few dollars (of course you have to get them to the house first which has been a problem thus far).

Thanks for the feedback and I can definitely look into these items you mentioned.

I would remove the last photo of the backyard showing the yellow home behind you, other than that, it appears you have a price issue, not much more than that. Could have done better on plumbing fixture upgrades to give more of a wow factor (current ones look like boring cheap builder grade).

I would run the numbers if you do the plan you just mentioned and then run the numbers again if you were to stay in the home rather than lease. This would allow you to still have the write offs and your monthly payments would continue to pay down the loan rather than going to a landlord. Also depending on the community and how long you stay there, the builder might complete the community and then you would only have resales to compete with rather than resales and the builder. Just food for thought but I think it might work out better to wait it out vs taking that loss now.

Yes, we bought it new in 2015, and the property has positive equity. Thanks for sharing the post from 3 years ago. I think you're absolutely correct that the same factors still apply today. Hence we're not ready to purchase once this property is sold and going to lease for a bit.

I am not sure if you bought this home brand new or not but I have been trying to warn people about overpriced new builds for several years now. Here is a post from 3 years ago explaining why (the same factors still apply today): "It is crazy seeing people that bought brand "new homes" in 2011 and now they are short selling in 2014. If you bought ANY "resale" home in 2011 you gained around 60% appreciation over the past few years. That is a huge difference. I honestly can't sell a new build to a buyer and feel good about it. I tell all my clients that are interested in new builds these facts and most of them had no idea that was happening. Here is a prime example of what I am talking about "6485 GRAND MAYNE CT". It was bought in 2011 as a New Build for $296k and now in 2014 that same home is being short sold for a list price of $285k...."

Sounds like you have many obsticales. Pricing...without knowing the exact comps it is hard to say if you are priced accurately. When competeing with the builder you will have to not only look at sold comps but your builder sales competition as well as your resale competition. Most of the time in newwer neighborhoods where the buklder is still building the sales competition is more of a concern than the comps because you end up selling for much less than the comps because buyers ahve so many options. This becomes an example of who is the most motivated seller....that's whos home will be reduced and sell before the others. I have a listing like this right now. The seller wants us to list it above comps....we told him that it will never sell for that price due to the sale competition. So far it has sat there for about a month. We have tried to tell the seller to adjust the price but the seller is in no rush to sell and wants to leave it as is. Well, I guess we will see what he wants to do next month. Considering we have had 2 showings in a month (when the market is on fire) I am not holding my breath.

The remarks / property description and some of the photos are below. Please share your constructive feedback about the property and we'll go from there. Thanks in advance!

When is a good time to lower price? Las Vegas Market

Bob Okenwa

Real Estate Agent/Investor · Peoria, AZ · Member since 2016 · 2k+ posts · 2k+ votes

9y

@Joe Dijamco

I'm not a realtor, but after 2 or 3 weeks, I'd cut the price. The name of the game is to get out quickly. If you have no showings after 2 weeks, then the price is very wrong or you may need a more aggressive realtor. If you care to offer the location of the property and the comps, I'd do my best to give you an objective opinion.

When is a good time to lower price? Las Vegas Market

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