The start of the holiday season has traditionally meant a slowdown in real estate activity, as a combination of winter weather and increased holiday activities and commitments reduce the amount of active home shopping, and sellers either pull their listings off the market to re-list later or decide to wait until after the new year before listing.
For those still hoping to sell their homes in advance of or during the slower season, one strategy to draw attention may be to reduce the listing price and/or re-listing at a lower price.
The median days before a drop is 40 days, with a median price drop of $55,000, and a median percentage price drop of 4.49%.
Here’s a one bed one bath top-floor condo in South Beach that’s pretty close to those data points: 40 days on the market before a price drop of $53k (a 6.64% drop). We’ve seen $/sqft fall in the neighborhood, and a number of comparable homes have sold below listing, so this might be a chance to get a good deal.
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