As your eyes wander through the listings on MLS and you spot the NEW PRICE label that accompanies some of them....and click on the "history" button to see what the
New Improved...now motivated price is over what the past price was for the listing.....you sometimes learn that the Seller is driving...or more appropriately, dragging the price...the reduction was $5,000 or less than the previous price that the market rejected.
Regardless of the price the Seller(s) want...need....must have....the market decides. The comparables aren't what a they want them to be...what an appraiser may have said months ago...the market decides TODAY what the price is....
The longer that a house stays on the market at a price that has been rejected...no showings...few showings...no offer....the lower the price will be when the property sells...No Seller wants to hear that...but that is the reality of the real estate market...and the market and the Seller don't always agree. Sellers are convinced it's just that the "right" Buyer hasn't seen the property...likely that may not happen at that price point.
Trust an experienced and successful Real Estate agent to guide the pricing structure....agents work on commission...and agents who have a reputation that price houses to sell....and reduce them to a NEW LEVEL when they don't ....are the agents that are successful.
The purpose of a price reduction is to atract a different group of buyers....you won't find them in the same $1-$5,000 price reduction...those are the same people.
Be an honest agent....explain that the market changes...that there are no crystal balls that determine the price to the penny that the market is willing to pay at any given time.....and Sellers...BEWARE of any agent who makes claims to the contrary...it just isn't true. If a lower price is suggested...it is not because the Agent has any incentive to make less money.
If you or anyone you know is lookng for real estate agents in southeastern Wisconsin that will tell you the truth...monitor the market and not allow that listing to get stale...but to enjoy that Sellabration in a timely manner...Call the Hansons, we are honored to be at your service for all things real estate.