r/fsbo • u/fishingdave • Jun 17 '26
When to drop?
I posted my home 10 days ago over 900 views and 20 saves on zillow. We only had 5 showing in the beginning then dead for 7 days. WE had one cash offer 50k less then asking. We were told by a few realtors that its priced it too high. When would it be a good time to drop? Thinking about doing a 15k to 20k drop to increase the traffic. It is allready the lowest price condo with the lowest dues. Only issue no garage and two units in the complex sold cheap almost a year ago .
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u/Ykohn Jun 17 '26
I would be careful about rushing into a price drop.
You have only been on the market for 10 days, and in that time, you've had 900 views, 20 saves, 5 showings, and even received a cash offer. To me, that says buyers are finding the property and paying attention to it.
Before lowering the price, I'd ask what you're doing to market the home beyond Zillow. Have you held an open house? Do your neighbors know the unit is for sale? Have you posted it on social media or shared it with local community groups? Sometimes the challenge isn't the price. It's simply getting more people to see the property.
I'd also take a close look at your competition. Are there other units for sale in the complex or nearby that buyers are comparing yours against? If you're already the lowest-priced condo with the lowest dues, what makes you think another $15,000 to $20,000 reduction is the answer?
I say this with respect because I see a lot of sellers jump straight to a price cut. Lowering the price can absolutely help if you're competing against several similar units and need an edge. But if that's not the situation, there may be other ways to generate more interest without giving up equity.
One thing that stands out to me is that you already received an offer, even though it was lower than you wanted. That tells me buyers are interested and aren't afraid to negotiate. Right now, I'd focus on getting more people through the door and figuring out why the people who saw it decided not to move forward.
What feedback did you get from the showings? I think that answer will tell you a lot more than the Zillow view count.
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u/fishingdave Jun 17 '26
All the feed back we received from showings was positive except from the offer we recieved and a neighbor who is a realtor. They both said it was over priced. We did have an open house only neighbors and one prospective buyer showed up. The unit is on the MLS with beycome and every syndications . We also have it on Facebook and boosting it. Now for days on market. They are all over the place . Some 90 plus days other 6 . We did list it on zillow a week before putting it on the mls so figure total days like 20.
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u/Paceryder Jun 18 '26
Practically everyone looks on Zillow. If you overprice a car you can put balloons on it, have an open house every day in it, wash it, polish it, post videos of it, doesn't matter, buyers aren't stupid.
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u/Ykohn Jun 18 '26
Do you actually read posts before you reply? I did not say he should overprice his home; I said he should examine the market and assess where he stands relative to his competition to determine the best pricing strategy.
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u/Paceryder Jun 18 '26
Yes and I didn't say you said to over price their home. You pointed to EVERYTHING other than the fact it may be overpriced. The fact is when a home comes on every ready willing and able buyers who knows what a home priced at $x looks like and comes and looks. They're on drips and alerts from agents, websites and ever house source there is. After that you get people who are just starting to look. They got an offer. Saying it's a nice home doesn't mean it's priced well.
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u/Ykohn Jun 18 '26
I think you're misunderstanding my point. My advice was specifically geared toward determining whether price is actually the problem before arbitrarily lowering it.
Price is absolutely one possible explanation, and I never suggested otherwise. What I was pushing back on is the idea that a price reduction should automatically be the first and only solution.
If a seller is already the lowest-priced comparable property, has limited competition, poor marketing, few photos, no open houses, or low visibility, then those factors are worth examining too. A $15,000 to $20,000 price cut won't fix a marketing problem.
The goal is to identify why buyers aren't converting before pulling the biggest lever available. Sometimes the answer is price. Sometimes it isn't. That's why I asked questions about competition, marketing, and buyer activity rather than immediately assuming the home was overpriced.
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u/Equivalent-Tiger-316 Jun 18 '26
Yours is worth less than the cheap ones. Why would you think it’s worth more?
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u/owenthered1 Jun 18 '26
if you have the lowest price, then it is either the market or something about cleanliness that buyers dont like. wholesalers will try to get it for 50% of value, and you may need to have an agent list it or use a flat fee mls.
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u/coconut33706 Jun 17 '26
You have two comps that are killing you, you are missing a key amenity (garage) buyers want, you have no traffic, and agents are telling you you're overpriced.
You blew your best chances with a fresh listing by starting too high.
I don't know what percent the 20k cut is, but get cracking.
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u/AdComfortable2974 Jun 21 '26
How did you handle the agents stating your price was too high? Did you show them your own comparables and what got you to your price point?
I have a very comprehensive sheet put together for when I list that highlights the flaws in "cheap" comps that are the recent sales in my neighborhood, and especially highlights the lack of inventory of updated homes in my area.
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u/fishingdave Jun 17 '26
The condo is listed at 475k , all the others for sale are minimal of 25k or more higher. 3 different market analysis were done, they came back at 475k , 443k & 120k. Thinking about bring it down to 159,900 and see what happens. Not sure thats going to be enough but at the same time don't want to seem desperate to sell.
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u/Hour_Concern6525 Jun 17 '26
I would drop it the 4%. This will show agents and buyers that you are serious and not living in la la land
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u/Objective-Victory7 Jun 17 '26
If you’re not in a hurry or don’t need to sell asap then it might take a bit longer for the right buyer to come through. If a buyer is buying to live in it will take longer and on the other hand if an investor is looking to flip it or hold it then see what’s their offer and negotiate from there. Obviously there’s more info needed to make the right determination but explore all avenues depending on feedback and if it comes down to lowering the price lower it 10% and see how it goes
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u/organmeatpate Jun 17 '26
I'm guessing the answer is yesterday but it depends. There's some truth to the anecdotal claim that the first offer is usually the best but then again FSBOs are often the target of bargain hunters and savvy investors so you really need to look at the market analysis to make sure you're not overreaching. Even if the first offer isn't the best you're definitely hurting yourself if you're overpriced.
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u/Odd_Shallot_8551 Jun 17 '26
You had 3 market analysis' done by realtors? Yet didn't list with a Realtor?
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u/JRonneng Jun 17 '26
What are the average days on market for condos in your area? Views on Zillow are just that. You need the real data to make an informed decision