Time For A Price Reduction

Have you had activity on a listed property, but no offers? You may have to re-examine the market and the listing price. Interpretation: time for a decrease.

As an agent, we should approach buyers for their input after showings and ask if the price is fair. Take careful consideration and check whether there are any concrete positives or negatives in their reactions, so if the majority of buyers state that the price IS too high. Maybe it is.

The thing that can cost a seller the most cash is having their home sit. You shouldn't wait and hope for the ideal customer to come along. Properties set at the correct price should begin getting offers in a few weeks.

Are comparable properties receiving offers....but you haven't gotten a single offer? You might need to just bring down the price—or you might need to delist it for a bit. You may want to give it a rest. Do some improvements. Make it so attractive, a buyer has to say yes!

Here's something you may not know. The market dictates for you. Do your comps. CMA's are the best barometer in determining price. Rule of thumb: If you aren't getting any traffic, have the seller lower the price.

It's difficult to underprice, on the grounds that the market will bring it down.
Consider it like eBay. You list an item for $1, yet you know it's worth some place in the $250 territory. In the end individuals begin offering, and a few people may need that thing so much they wind up paying $275 for it. It's really a superior move to marginally underprice your home than it is to overrate it, since you'll have more offers to work with—and you can work the opposition into a free for all. At the beginning of my career in the late 90's, I used eBay as a basis for learning. Doesn't matter if it's a buck, or a million bucks. Selling is selling.

What is the normal time a home remains available in your neighborhood? On the off chance that you haven't achieved that point, don't decrease it at this time. Similarly, in case you're well past your hood's "offer by date," it's an ideal opportunity to begin cutting costs and perhaps delisting your home. I usually wait a month, then I research and then I inform the seller.

At the end of the day, get your work done and work with the market—don't battle it.