Price It Right, Redfin Research Indicates

• August 23rd 2010

by Mark Wellborn

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Attention, home sellers: Not realistically pricing your home could be a big mistake.

Research out today from Redfin.com not only shows that a property gets the most attention from buyers in its first few days on the market, but also that the attention drops off almost four-fold after being listed for a month. The graph below illustrates this dramatic drop-off.

The red line represents the number of visits to the listing from the day it hit the market and the green line indicates the visits to the listing from the day of an update (e.g. a price reduction). The graph speaks for itself, but it is clear that first impressions are what matters.

From the Redfin blog:

“…the green line never gets anywhere near the peak of the red line. Even when a listing agent lowers the price or removes the listing from the market and re-lists it, the listing gets less than half the attention that it did on its debut.”

Redfin analyzed traffic to listings in Seattle, San Francisco, Los Angeles, Irvine, Washington DC, Boston and Chicago. All the properties hit the market in the first quarter of 2010, have been on the market for at least 60 days, and have undergone at least one price update.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/price_it_right_redfin_research_indicates/2407.