The real estate market is ever changing but some things never change. Houses for sale get the most attention when they first hit the market. Homeowners often believe that if they ask for more money for their house they will get more money for it.
It doesn’t work that way. When a house is priced just a tad too high it sits on the market with no offers. The longer it is on the market the lower any offers on it will be. Sure the owner can always come down in price but if the goal is to get the most amount of money for the house it needs to be priced right from day one.
If a home is correctly priced in most cases it will get multiple offers which means it may sell for more than the asking price rather than less than the asking price.
I like to tell my clients who are buying a house that there are not many bargains on the market these days but if they want to pay less for a house find one that has been on the market for a couple of months and offer less than the asking price.
The best way to get the most for your home is to price it right so that it sells quickly. Right now in St. Paul homes are getting acceptable offers in 18 days or less. If your house has been on the market longer it might be time to drop the price.