The Price Is Wrong, Bob! Understanding Price Reductions and Lingering Listings in Today’s Real Estate Market

The real estate market is evolving — and if you have been paying attention, you have likely noticed the shift. It is time to revisit a topic we have not had to worry about in a while: price reductions and listings sitting on the market.

Mike Ferrante of the 21 Mike Team at Century 21 HomeStar, along with Broker/Owner Tony Geraci, recently led a vital Tuesday training on how to handle longer market times, price reductions, and how to revive stale listings. This blog post recaps that session and offers valuable real estate insights for Realtors looking to remain competitive.

A Shifting Market: Are You Ready to Adapt?

Over the past several years, many agents in Greater Cleveland have become accustomed to homes flying off the market in just a few days. However, things are changing. According to recent national data, over 50% of listings are sitting for 60 days or more, and nearly 40% have experienced price reductions.

Even in Northeast Ohio — where we still see a general inventory shortage — many listings are lingering longer than expected. For agents who have only been licensed in the past five years, this is unfamiliar territory. But for seasoned pros like Mike and Tony, it is a cycle they have seen before.

As Tony reminds us: “The market is the market. We cannot control it, but we can adapt to it.”

Step One: Communicate Early and Often

One of the most common mistakes Realtors make with lingering listings is failing to communicate regularly with their sellers. Many agents delay the tough conversations until they are forced to ask for a price reduction, which can damage trust.

Pro Tip for Cleveland Realtors: Set the tone from day one. Share expectations with your sellers about market times and let them know your plan. Provide weekly updates that include:

• What was done to market the home

• The number of showings and feedback

• An analysis of new competition or sold comparables

• Your professional recommendation for the next steps

Sellers appreciate transparency and strategy — not silence.

When and How to Discuss Price Reductions

So, how do you handle that delicate conversation?

As Mike shared, “It depends.” If you are still receiving steady showings and encouraging feedback, the pricing may be on target — and a reduction might not be necessary. But if the showings have tapered off and feedback is vague or negative, it may be time to consider a change.

Tony recommends evaluating the absorption rate and current competition in your market area. If similar listings are selling and yours is not, that is a red flag.

Also, be proactive — do not wait for the seller to point out the new “For Sale” sign down the street. Know your comps. Watch the MLS daily. Be the expert.

Alternatives to Price Reductions: Revive the Listing

A price cut is not the only tool in your listing revival toolbox. Here are some strategies the 21 Mike Team uses to breathe new life into a stale listing:

• Photo Refresh: Change the order or swap out the main image to recapture attention online.

• Seasonal Updates: If your listing still shows snow in the yard during summer — replace those photos immediately.

• Update Descriptions: Rewriting the first sentence of your remarks can trigger third-party site refreshes.

• Offer Incentives: Instead of lowering price, offer a closing cost credit or decorating allowance.

• Marketing Blitz: Consider re-launching the listing with new marketing, open houses, or targeting agents who have sold in the neighborhood recently.

These subtle shifts can re-engage buyers who previously scrolled past.

Day-One Pricing Matters More Than Ever

With market conditions shifting, getting the price right from the beginning is crucial. In hot seller’s markets, overpricing may have still generated offers. In today’s more balanced landscape, buyers are discerning, and overpriced homes are ignored.

Tony advises explaining market value in clear, data-backed terms: “Let sellers know what the market says their home is worth, not just what they want to get.”

You can try a slightly aggressive list price, but always set the expectation — it may take longer to sell. Let the seller choose based on their goals.

Every Market Is a Market Opportunity

Mike and Tony agree that every real estate market presents an opportunity. Smart agents will use data to their advantage and target neighborhoods showing consistent price reductions and longer days on market. This type of market messaging can attract sellers who are on the fence about listing — especially when they are concerned about missing the peak.

Are prices in decline? Maybe. Are homes taking longer to sell? Yes. But as Mike proved by launching his career during the 2008 crash, you can build a successful business in any market if you stay adaptable and proactive.

Final Thoughts from Mike and Tony

• Keep communicating with your sellers — even when the news is not ideal.

• Evaluate the competition and market shifts every week.

• Refresh your listings without automatically resorting to price cuts.

• Set realistic pricing expectations from the start.

• Use slower markets to gain market share through a smart strategy and visibility.

The Cleveland real estate market may be shifting, but so should your strategy. To stay in the loop on more topics like this, tune in to Tuesday Training with Mike Ferrante and Tony Geraci.

For more training or to join the 21 Mike Team, visit 21mike.com or connect with Tony at Talk2Tony.net.

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