How Often Should A Seller Drop Their Price?

Today's summary of activity in our Multiple Listing Service for the last 24 hours:

• 90 New Listings
• 100 Price Reductions
• 20 New Pending Sales
• 29 Closings
• 20 Expired Listings
• 35 Withdrawn Listings

This morning three of my listing clients reduced their price. One is now offering a bonus to the selling agent and a credit toward buyer's closing costs. Another is offering a free home warranty to the buyer.

Once a month my partner and I meet with a "Master Mind" group of other top producing agents in the Florida Market. These agents are from various companies and work in markets like Tampa, Orlando, Port Charlotte, Naples, Miami, and we, of course, are in Bradenton - Sarasota.

The consensus was that in a falling market, like this, sellers should start out with an agressively competitive price. Other wise, a price reduction later will just be playing catch up. If the listing has no showings, the market is not supporting the price. If the listing has only a trickle of showings, it's over priced. If you have 10-12 showings and still no offer, you must drop your price.

A price change every 2 weeks was the consensus of this Master Mind group. Waiting longer than that may cost the Seller more in the long run.