Should You Lower Your Asking Price or Wait? How to Know When It's Time to Adjust

A practical guide to price reductions, buyer demand and making the right call without leaving money on the table.

It's one of the hardest questions a seller faces.

Your home has been on the market for a few weeks. Showings have slowed, or maybe the offers just aren't coming. Now you're wondering: do I lower the price, or do I wait it out?

Cut too soon, or too deep, and you may give away money you didn't need to. Wait too long, and your listing can go stale while the market keeps moving. Neither feels great.

The good news is this doesn't have to be a guess. Here's how to read the signs and decide with confidence.

Signs It May Be Time to Adjust Your Price

One slow week doesn't mean your price is wrong. A pattern usually does. These are the signals worth paying attention to:

• Showings have dropped off. A new listing gets the most attention early on. If interest fades quickly and doesn't come back, buyers may be filtering you out.

• You're getting showings but no offers. Buyers like the home enough to visit, but they're choosing something else at your price.

• The feedback keeps pointing the same way. "Nice, but..." from several buyers is a message.

• New comparable sales came in lower. If similar homes nearby have sold for less since you listed, buyers and appraisers will notice.

• Competing listings have reduced their prices. Your home may now look expensive next to homes that were priced the same as yours a month ago.

• Offers are coming in, all in the same range. If several buyers independently land on a similar number, that number is telling you something.

If two or three of these are happening at once, it's time for a serious pricing conversation.

Why Days on Market Alone Isn't Enough

A lot of sellers set a mental clock: "If it hasn't sold in 30 days, we'll drop the price." It sounds logical, but it can lead you astray.

That's because "normal" days on market depends heavily on your home type, neighbourhood and price range. Look at how much it varied across Langley from July to September 2026:

Days are sales-weighted monthly medians. Source: Langley.AI, based on FVREB MLS® data.

Thirty days on market means something very different for a Willoughby townhome than it does for a $2.5 million estate home. For the townhome, 30 days with no offer is a strong signal. For the estate home, it may be completely normal.

Days on market is useful, but only when you compare it to homes like yours. On its own, it doesn't tell you whether to adjust.

Let Recent Comparable Sales Lead the Way

The most reliable guide to price isn't what's listed, what you paid or what your neighbour got in 2022. It's what similar homes near you have sold for recently.

A good comparable sale is:

• Recent, ideally within the last 90 days.

• Nearby, in the same neighbourhood or a similar one.

• Similar in type, size, age, bedrooms and condition.

Comparables also show how much prices vary within Langley. Here's what four-bedroom-plus houses actually sold for by neighbourhood over the summer:

Typical sale price is the three monthly medians, weighted by sales. Source: Langley.AI, based on FVREB MLS® data.

That's a spread of more than $450,000 for the same bedroom count across Langley. Pricing off a Langley-wide or Fraser Valley-wide number can easily miss your home's real value.

Don't Just Cut by the Fraser Valley Average

Here's a mistake that's easy to make right now.

You read that Fraser Valley detached prices are down 8.8% from a year ago. So you think, "I'll knock 8.8% off and be in line with the market." It feels logical. But it's usually the wrong move, for three reasons.

1. Langley isn't the Fraser Valley average

As of September 2026, Langley's benchmarks were holding up better than the region overall:

Sources: FVREB September 2026 market report and Langley.AI, The Langley Market Report, October 2026 edition.

Langley's detached benchmark also fell less over the last three months than any other area on the Fraser Valley board. And Langley sold faster than the board average in every home type over the summer.

2. Your neighbourhood may be moving differently

Even within Langley, detached benchmarks have gone in different directions since June:

• Murrayville: up 1.5%

• Langley City: up 1.1%

• Brookswood: down 0.4%

• Willoughby Heights: down 1.9%

• Walnut Grove: down 3.7%

Neighbourhood benchmarks rest on smaller numbers of sales and can move around month to month. But the point stands: one regional figure can't tell you what's happening on your street.

3. An annual number looks backward

A year-over-year decline measures where prices were twelve months ago. If you listed recently, using current comparables, much of that decline is likely already built into your price. Cutting the full annual drop again means counting it twice.

What that looks like in dollars

Take a hypothetical Langley detached home listed at $1,400,000 using recent nearby sales.

• Cutting by the Fraser Valley's 8.8% annual decline would take off $123,200.

• If the price was already set from current comparables and the issue is really competition or presentation, a much smaller, targeted adjustment, or a fix that isn't about price at all, might do the job.

That difference could be tens of thousands of dollars that never needed to leave your pocket.

Not sure where your price should be? I'll pull recent sales of homes like yours in your neighbourhood, not a regional average. Ask me for a pricing check.

Meaningful Adjustment vs. Cosmetic Price Cut

If you do decide to adjust, how you do it matters as much as whether you do it.

The cosmetic cut

Dropping from $1,399,000 to $1,389,000 changes the number, but not much else. The home still shows up for the same buyers, in the same searches, next to the same competition. Buyers who already passed on it usually won't come back for $10,000.

A series of small cuts can also backfire. Each one shows up in your listing history, and buyers start to wonder what's wrong or wait for the next drop.

The meaningful adjustment

A meaningful adjustment changes who sees your home and how it compares. It usually does at least one of these:

• Crosses a search threshold. Buyers search in price brackets, like up to $1,400,000 or up to $900,000. Moving from $1,419,000 to $1,399,000 puts your home in front of a whole group of buyers who couldn't see it before.

• Repositions you against the competition. If the best comparable listing is at $1,375,000 with similar updates, getting closer to or below that changes the conversation.

• Reflects the feedback. If buyers keep pricing in a new roof, the adjustment should be in the range that makes them comfortable.

One well-planned adjustment almost always works better than several small ones.

When It Makes Sense to Wait

A price reduction isn't always the answer. Holding may be the smarter move if:

• You've only been listed a short time compared with similar homes in your segment.

• Showings are steady and the feedback is positive and specific.

• You're in a tight segment, like Walnut Grove detached at 2.9 months of supply or Willoughby townhomes at 3.7.

• The issue is clearly presentation or condition, and you can fix it.

• Recent comparable sales support your price.

Sometimes the best "adjustment" is new photos, a fresh coat of paint, a pre-listing inspection or easier showing times. These won't fix a price that's out of line, but they can make a fairly priced home stand out.

A Simple Decision Checklist

1. Compare your days on market to similar homes in your neighbourhood, not a general rule.

2. Review comparable sales from the last 90 days. Have any come in lower since you listed?

3. Check your competition. Have nearby listings reduced their prices or come on lower?

4. Read the feedback. Is it about price, condition or presentation?

5. Look at search brackets. Would a modest change put you in front of more buyers?

6. Decide once, decide clearly. If you adjust, make it count.

Wondering If It's Time to Adjust Your Price?

Before you drop your price, get a clear picture. I'll give you an honest, no-pressure pricing review that includes:

• Recent comparable sales for homes like yours in your neighbourhood

• How your days on market compare to your specific segment

• A look at the competing listings buyers are seeing next to yours

• A clear recommendation: adjust, hold or improve, and by how much

No obligation. Just real numbers and a plan.

Request Your Free Pricing Review

Jamie Leib, REALTOR®
Murphy Real Estate Group | Stonehaus Realty
Phone: 604-655-5683 | Email: jamie@murphyreg.ca

Market figures: FVREB September 2026 market report and Langley.AI, The Langley Market Report, October 2026 edition, based on Fraser Valley Real Estate Board MLS® data. Property examples are hypothetical and for illustration only.

Frequently Asked Questions

When should I reduce my house price?

Consider a reduction when several signs line up: showings have slowed, buyers visit but don't make offers, feedback keeps pointing to price, or new comparable sales have come in lower than your asking price. Compare your days on market to similar homes in your neighbourhood rather than following a fixed timeline.

Should I lower my asking price or wait?

Wait if your showings and feedback are strong, recent sales support your price and you're in a tight segment. Adjust if interest has dropped, comparables have come in lower or buyers are consistently choosing competing homes.

How much should I lower my asking price?

Enough to make a real difference. A meaningful adjustment often crosses a buyer search bracket or repositions your home against the competition. Several small cuts usually work less well than one well-planned change.

Should I reduce my price by the Fraser Valley's annual decline?

Usually not. Langley's September 2026 benchmarks fell less than the Fraser Valley overall, and neighbourhoods within Langley are moving differently. If your home was priced from recent comparables, much of the annual decline is likely already reflected.

What is a good home price reduction strategy in BC?

Start with recent comparable sales in your neighbourhood, review your competition and showing feedback, and make one clear, meaningful adjustment if needed. Pair it with any presentation improvements so buyers who passed before have a reason to look again.