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Is it worth it to reduce the list price by only $500

By
Real Estate Broker/Owner with Godzyk Real Estate Services NH License 033394

Lets talk about listing strategy. On a home listed for sale, it was recommended they reduce to attract more buyers. The however is the seller wants to only reduce $500 on this Manchester NH Area home. Is it worth it?  

 

Pricing a home is an art. We try to price it high enough to get the seller the most money at closin but not too high that buyers do not look at it. When listing a home we often may try a higher price at sellers request for 2 weeks. That is ample time to know if we are priced too high, If so, a simple reduction where the comps told us to be from the start. The key is communication to the seller what buyers are saying and their response to ads. 

 

 

 

 

 

THE SECRET OF SUCCESS and the key to having a successful purchase of sale, can increase simply by choosing a better agent. The secret is, that All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest. I leave you with now infamous philosophy, which is simple, to provide more personal and professional service to guide my clients through each step of the buying or selling process.

 

    

                                 

 

 

To CONTACT Scott Godzyk please call 603.661.2121 or EMAIL: Sctprop@aol.com .

 

  

About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. Proud to be locally owned and operated with 30 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area.We are Full Time Agents ready to serve all of your Real Estate needs. Servicing Hillsborough, Rockingham, Merrimack and Belknap counties. 

 

You can search for Manchester area Homes For Sale by clicking here. what is for sale by clicking here.

 

 

 

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Comments(27)

Matthew Klinowski, PA
Downing Frye Realty - Naples, FL
Naples Golf Guy | Find Your Dream Lifestyle

Hi , the only time it might make a difference is if the change moves you into a different price range. For example, people often look for homes priced below $200,000.  If you lower the price to $199,500 you'll widden your pool of buyers. However, the higher the price the home gets, the less impact it will have.

Jun 17, 2017 06:19 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

We don't recommend it Scott. Doesn't really make an impact...

Jun 17, 2017 09:15 AM
Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

In our MLS, if you reduce the price by even one dollar - it basically refreshes the lising.  When someone searches for new listings in the area, it will pop up.  I had a condo listed and the seller asked me to drop the price by $10 every day until it went under contract.  Worked like a charm - I mean I think it did.  We got multiple offers once we started this process.

Jun 17, 2017 09:37 AM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Sometimes I will take what I can get. If you can start to get a seller to move on the price when an offer comes in I find it easier to negotiate a successful price.

Jun 17, 2017 07:10 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Depends on the price of the home as well as where it is priced at? If it is at an even number like $20k then $19.500 looks better:))Endre

Jun 17, 2017 11:36 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

While one may think $500 might not make a difference, the change in price can trigger a little more attention in the MLS.  Agents may take a second glance because the price change calls a little attention it may not otherwise get.  I also agree with Endre's comment #12.

Jun 18, 2017 01:07 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

That is what i think Dorie Dillard and think we needed at least $5000

Jun 18, 2017 05:27 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I agree Kat Palmiotti and hoped to get it under the $150 threshhold, the tiny reduction may grab eyes for a day but then soon be lost

Jun 18, 2017 05:28 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Unfortanately not all sellers want to list at the price recomended, some want to start higher with the thought if it doe snot work in 2 weeks to come down, however they have not come down where it should be yet Linda Blumenthal 

Jun 18, 2017 05:30 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I like to use those same words Nina Hollander and often use the same philosopy. In this case the seller wants to keep it high for a couple of more weeks but gain some attention with a smaill reduction. I can explain what i see, why it has not sold and what we should do. I now need them to understand it 

Jun 18, 2017 05:32 AM
Nina Hollander, Broker

Scott Godzyk ~ hi Scott, you might tell them that most buyers who see a $500 reduction will just laugh.

Jun 18, 2017 06:16 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I would like to see another 0 on there Wayne Martin 

Jun 18, 2017 05:32 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

That is what i think too Eva B. Liland with Century 21 Doug Anderson 

Jun 18, 2017 05:34 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Thank you for the comment and kind word Nathan Gesner 

Jun 18, 2017 05:34 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

That is what i think Matthew Klinowski and what i told the seller

Jun 18, 2017 05:35 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Same thought here Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 

Jun 18, 2017 05:35 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Ours to Belinda Spillman and why the seller wanted to do it, i would rather list it where it should have started

Jun 18, 2017 05:36 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

That is what i thought too Debbie Reynolds as if it does not bring about some more ptential buyers, at least i tried his idea and now is the time to price it where it should be

Jun 18, 2017 05:38 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

It ended it ....54,900 so my thought was at least to end at 49,900 but he was not having it Endre Barath, Jr. 

Jun 18, 2017 05:39 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Myrl Jeffcoat showing up on the reduced list does gain some eyes, but i hope it does not fade again. i woudl prefer a bigger drop to where i would have liked to see it started at

Jun 18, 2017 05:40 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Like you, I prefer the bigger drops, especially if the home was significantly overpriced to begin with.

Jun 23, 2017 06:14 PM