That may be because home prices have hit a tipping point in affordability. There is only so much buyers can handle after a multiyear run-up in prices. Of course, every market is different, and some markets may have overheated, while others are still competitive.
The average time on the market for all homes nationally was 34 days in September, according to the National Association of Realtors. That is down from 39 days in September 2016. But markets like Seattle and Denver are still seeing homes sell in just a few weeks.
It would be easy to say that all you need to do is price your house correctly and competitively in the first place, and then you won't have any problems, but there are several schools of thought on when to be competitive and when to test the market.
"I don't believe in 'testing the market,' but … if we enter the market that might be pushing the top of the range, we can easily gauge response within seven to 10 days," said Dana Rice, a real estate agent with Compass in the Washington, D.C., area.
"It's almost a certainty that if we don't get an offer within that first 10-day period, then we've missed the mark," she added.
If the home doesn't sell in two weeks, Rice said, she then considers a price cut.
"And we've had a lot of success doing a rapid price adjustment and bringing those same buyers back — the ones who liked the property in the first place who will view the price adjustment as 'the seller is listening to me,' and most buyers want to feel that the seller is listening to them," she said.
It can also be beneficial to reach out to people who may have toured the home first and let them know that there may be a price cut coming. The buyer may make an offer that is slightly above your intended cut.