The perfectly timed price chop

By Margot Slade | April 4, 2011 - 3:15PM

How long should you wait before dropping the price on your apartment? One owner on StreetEasy.com is questioning his or her broker's readiness to cut the price after seven weeks.

Commenters generally advised waiting at least another six weeks, noting in variations on this theme: "You had a couple serious offers, the weather isn't even nice yet."

Some suggested (in unflattering terms we won't repeat here) that lowering the price is the lazy broker's way out. But sellers should check the market themselves, if only to determine whether it's time to switch real estate agents. "Comps are the best indicator and I would go to a bunch of open houses in your area and shop the competition. Take an objective friend along" who isn't afraid to "tell it like it is."

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