How long should I wait before dropping the price if I have no offers?
In the fast-moving Houston real estate market, timing isn't just a suggestion—it’s your equity’s best friend. Whether you're selling a bungalow in the Heights or a sprawling estate in Katy, the "waiting game" can often lead to a "stale" listing.
The Strategy: When to Pivot Your Price in Houston
The general rule of thumb in the current Houston market is to evaluate your position after 14 to 21 days. While the Texas market remains resilient, the "Golden Window" for a listing is the first two weeks. If you haven’t had a significant number of showings or any serious offers by day 21, the market is giving you clear feedback: your price is likely exceeding the perceived value.
Signs It’s Time to Drop the Price
High Views, No Showings: If your Zillow or HAR.com views are high but your lockbox isn't clicking, your photos look great but the price is scaring them off.
The "Double Ten" Rule: If you have had 10 showings and 0 offers, or 10 days without a single showing request, a price adjustment is necessary.
Neighborhood Comps: If a similar home nearby just went under contract at a lower price point, your current "Ask" is now officially outdated.
Solutions for Houston Homeowners
The "Impact" Reduction: Avoid "nickel and diming" with small drops. A price reduction should be at least 2% to 5% to trigger new email alerts to buyers.
Psychological Pricing: If you are listed at $405,000, dropping to $399,000 puts you into a whole new search bracket for buyers capped at $400k.
Offer Incentives First: If you’re hesitant to drop the price, consider offering a seller concession (e.g., $5,000 toward a rate buy-down or closing costs) to tackle the current interest rate environment.
FAQ: Houston Real Estate Pricing
Q: Is the Houston market currently a Buyer's or Seller's market? A: It varies by zip code, but generally, Houston is shifting toward a "Balanced Market." This means buyers are more discerning and less likely to engage in bidding wars unless a home is priced perfectly.
Q: Will a price drop make me look desperate? A: Not if done early. A price correction at 21 days looks like a savvy response to market data. A price drop at 90 days looks like desperation.
Q: Should I pull the listing and relist instead? A: Only if you are making significant physical upgrades. Otherwise, the "Days on Market" (DOM) history is still visible to savvy agents and buyers.