Out of curiosity I did a little research on price reductions and found that 62% of all homes sold in St. Paul in 2017 had a price reduction before they sold. On average they sold 27 days after the price reduction.
Sellers are on average getting their asking price or more but when I look at original asking price Vs. final asking price the spread is a bit bigger.
Knowing when to reduce the price can be tough for home owners. If the home is getting a lot of showings but no offers price adjustment may be needed. Starting to0 high is common as many believe that it gives them more room to negotiate or that they will end up with more money for the home.
Homes that sold without needs price reductions were on the market for an average of 22 cumulative days whereas homes that had price reductions were on the market for 117 cumulative days.