3 Strike Rule For Home Sellers
Megan Aller, a real estate analyst with First American Title in Denver, reminds us that, as our housing market settles into balance, the ‘3 Strike Rule’ is again relevant when selling a home. Here’s how it works:
- If you are not getting 4 showings/week, it may be time to consider a price reduction.
- If you’ve had a total of 15 showings and no offers, strike 2, it may be time to consider a price reduction.
- If you’ve been on the market longer than 21 days, strike 3, it may be time to consider a price reduction.
These time frames are specific to today’s market and based on overall averages. In the foothills, the average home sells for around $900,000–homes priced below this average should respond to market demand more quickly, while homes priced above average may take longer to assess buyer activity before considering a price reduction.
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