22% of Sellers Are Cutting Their Price. Here's How to Avoid Being One of Them in Jacksonville
More than 1 in 5 home sellers cut their asking price in the four weeks ending October 11, according to Redfin's latest housing market update. That's the highest share in Redfin's records, which go back to 2021.
Jacksonville isn't exactly bucking the trend. Zillow's data puts about 29% of Duval County listings at one price cut or more right now. So if you're thinking about selling, the odds of a "price improvement" email going out with your address on it are not small.
Nobody lists their home hoping to drop the price three weeks later. The good news: most of what causes a price cut happens before the sign goes in the yard. Which means most of it is in your control.
Here's how to get it right the first time.
1. Price for today's buyers, not last spring's
A lot of sellers price off what the neighbor's house sold for in April, or what they heard homes were going for a couple of years ago. The market has moved since then. Your neighbor's house has not.
Mortgage rates are a big part of it. Freddie Mac's weekly average hit 7.40% in mid-October, the highest in three years. When rates go up, buyers can afford less per month, no matter how much they like your backsplash.
The comps that matter are homes like yours that sold or went under contract in the last few weeks. Go back a few months and you can get the wrong picture. Before you pick a number, have your agent walk you through what sold near you recently, what's sitting, and what buyers in your price range can comfortably afford.
2. Your list price is an invitation
Your price is the first thing buyers see, and it decides who shows up. Price it right and buyers book showings. Price it high and those same buyers scroll right past to the house that looks like a better deal.
Homes priced in line with similar homes nearby get the most attention. More attention means more showings, and more showings mean a better shot at a strong offer.
It can feel backwards to start lower than you hoped. But the house that draws a crowd early usually ends up in a better spot than the one that starts high and works its way down.
3. The first few weeks do most of the work
A new listing gets the most eyeballs in its first few weeks. Buyers who've been waiting set up alerts, and anything new jumps to the top of their list.
That window matters. Realtor.com data found that homes selling around the four-week mark got the strongest prices, and homes still sitting months later sold for noticeably less.
Locally, the clock is already a little slower than it was. In September, NEFAR reported a median of 29 days on market in Duval County (up 16% from August) and 42 days in St. Johns County. Over the past year, Jacksonville homes have sold for about 95.7% of asking. Every week a house sits past that, buyers start wondering what's wrong with it, even when the answer is "nothing, it's just priced like it's 2022."
4. Agree on the plan before things get quiet
Before you list, sit down with your agent and talk about what a healthy first two weeks looks like for a home like yours. How many showings is normal in your neighborhood right now? When should you expect an offer?
Then ask the less fun question: if the activity isn't there, what's the plan? Maybe it's a price adjustment. Maybe it's new photos or a different marketing angle. Whatever it is, you both know it ahead of time.
That conversation takes a lot of stress out of the process. If things are slow, you're working from a plan you already agreed on, not refreshing Zillow and hoping.
5. Win the first impression online
Almost every buyer sees your house on a screen before they see it in person. If the photos don't grab them, they never book the showing. A few things to do before photo day:
- Declutter. Clear the counters, put away personal stuff, and give every room some breathing room.
- Clean the windows. Streaks show up in photos more than you'd think.
- Turn on every light and open the blinds.
- Boost the curb appeal. Mow, trim the bushes, and put a plant or two by the front door. The front photo is often the one that decides whether a buyer clicks.
- Show off the good stuff. Great kitchen, pool, big backyard, screened lanai? Make sure it's clean, clear, and ready for its close-up.
6. Price is only one part of the deal
When a buyer pushes back, a lower price isn't always the best answer. Sometimes what they really need is help with closing costs, a few repairs handled, or money toward buying down their rate. Those are seller concessions, and they're common right now. Redfin found that nearly half of recent home sales included one.
A concession can solve the buyer's actual problem, like cash at closing or a monthly payment they can live with, while keeping your sale price where you want it. Talk with your agent about which options make sense in your area so you're ready if a buyer asks.
The Bottom Line
National headlines are a good gut check, but they can't tell you what your house will sell for. That depends on your street, your price range, and what buyers in Jacksonville and St. Johns County are doing this month, not last spring.
If you're thinking about selling, the best thing you can do is be ready: look at what's actually selling near you, get the house ready before day one, and know the plan if the first couple of weeks are quiet.
If you want to see what's selling (and what's sitting) in your neighborhood right now, give me a call. I'll pull the numbers for your street. No pressure, no sales pitch, and no "what if we just tried it at this price for a couple weeks."
Sources: Redfin, Realtor.com, Freddie Mac, Zillow Research (via Momentum Realty), Northeast Florida Association of Realtors (via News4JAX).