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Knowing When to Do a Price Reduction
As a home seller, you want to net the highest possible price for your property. However, as the real estate market is constantly fluctuating, it may mean that the ideal listing price changes. Occasionally, by reducing the listing price, sellers can ensure that their property is comparably priced against similar homes to be in front of the largest pool of poten-tial buyers. This helps ensure consistent showings and can encourage multiple offers to bring a higher sale price than would be otherwise gained without a price reduction.
 
So, how do home sellers know when it is time to consider reducing the price? First, consider the number of showings and offers you have re-ceived. As a general rule, if your property has been on the market for 30 to 40 days with no showings or offers, you are either in a market with a small buyer pool (such as for rural properties in the $1,000,000 or higher range) or you may be priced higher than comparable properties. One way to determine the latter is by reviewing your weekly UMP (Updated Market Position report) and determining how your property compares to similar listings.
 
While not all the listings in an UMP will be perfect comparisons, ... more

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