STOP! Before You Reduce the Price...

Rotate in new images and remake the look to freshen up a listing that is getting stale as it lingers on the market. Climb trees, shoot from a neighbor's second floor, fly over the place with an ultra light leaning out over the site to capture the place with stills AND live, narrated video. The place sells itself when you present it correctly, fully, thoroughly. I love the owner who says "maybe my place is not selling because the price is too LOW..it's scaring people and we should hoist the price thrity or forty thousand."

So right some are are just not going to sell for whatever reason. I still think price trumps all though because you can give it away.

Listened to the audio and I have to say I learned something thanks I am sending it out to our team and also sending them the link for your book . Which I will go on line for today

Hi Jennifer, Good post. Thanks for sharing.

Best - Sash

Jennifer .. Thanks for this post and encouragement to look at listings that aren't selling and figuring out a possible fix, so that it can be sold to the right buyer.  We have one such listing, and owner decision on pricing strategy is what I believe is preventing market enthusiasm.

Great post! I'll listen to the audio later, but am glad that you started the discussion that we need to re-visit our listings occasionally to see what may have changed since original list date. AND, that lowering the price is not always the only option!

Wow -- I just listened to the audio -- well worth the 15 minutes! What a great job you do thinking outside the box!!

I don't list as often as I'd like, but when I do, I work very hard preparing the property to market and get the Sellers to be on board regarding pricing accurately. It's great to listen to your presentation and realize that lowering the price is not always the answer to the problem. Thank you for taking time to share this!

An important point that wasn't mentioned is the motivation of the seller. Our office advises sellers to NOT list now unless they MUST sell.

I think one reason inventory is bloated is because there are many sellers who don't need to sell and aren't convinced that the boom is over. These are the people who say, "I don't want to give it away".

Selling a home quickly is important in a declining market in which prices are dropping, because the longer a house is on the market, the less it's worth.

I agree with many of your ideas, but respectfully disagree that some homes can't be sold. If a seller MUST sell and it's already in the best condition they can afford to make it and it's being marketed appropriately, they have to consider the price.

Great post! It is so important to think outside the box and not just reduce the price because that's the simplest thing to do. It does everyone involved a dis-service. One option I didn't see mentioned is having the home staged, to make sure its presentation is all that it can be. Yes, it's an investment, but it's a lot less money than the price reduction would be!

Jennifer - You make a very valid point about researching whether other similar homes in that area are selling.  If they are, you need to know why they are, and why your listing isn't.  Once you figure it out, you need to let the seller know, and hopefully they will be eager to make the necessary changes.

You're right, Jennifer, that staging is most effective if it is done when the home is listed, but later is better than never. We staged a home that had been listed vacant for 3 months with no takers. (Everyone said it was too small.) The owner had us stage it, the realtor held a broker's open house, and the home sold a month later. Cheers all 'round!

Jennifer, I'm listening to the 15-minute audio right now - it's great. Thanks!

Sharon