The Columbus Board of Realtors released an article to the press on May 23rd titled "Drop in new listings suggests market is turning around."

With the number of homes listed for sale over the past two months being lower than the previous years, the article hints that the market may be beginning to adjust itself. 

In our Keller Williams Capital Partners training room I taught a class to numerous agents about "Pricing Strategies".  During the class we talked about pricing your home "in" the market not just "on" the market, and the importance of condition and price in getting the home sold.  Many of our agents shared their ideas on getting price reductions up front as well as after certain time periods.

What we found was although there is no formula for timing your price reduction, that it is necessary to use the tools and market statistics available to find this out.  So how do you determine the need for a price reduction.

• Days on market with no or limited showings?
• Days on market with no offers?
• A lot of second showings but no offers?

If the Columbus Board of Realtors is correct and the market may be starting to adjust itself, the biggest piece of advice you give your client could be this.

While the news media continues to report that the real estate market has not hit "rock bottom" yet, the experts and current market trends are telling us differently, they are telling us that we are in fact "in the bottom" and the market is beginning to correct itself here in central Ohio.

As sellers they already have the bumps and bruises from trying to sell in a buyer's market, and in order for them to take advantage of that market in the purchase of their new home they should reduce their price today to get their property sold.

Do you have listings that need their price adjusted to be sold?  How will you do it?

For more information about the class I taught or Keller Williams Capital Partners, please feel free to contact me for a confidential conversation at 614-888-1000 or acummins@kw.com.