Proper pricing can relieve the stress of price reductions and waiting around for a buyer. Appearing as a good value "right off the bat" is a sellers best chance for a successful sale...
CNN also has a story on this nationally today:
When it comes to price reductions, bigger might be better right now for sellers
OK, now everyone is jumping on the price reduction bandwagon. Greater Boston was an early leader, with the percentage of price-reduced homes on the market soaring in the weeks after the tax credit expired on April 30th. We are still No. 4, with homes sporting price chops now accounting for 34 percent of our market, Trulia.com reports, but the rest of the country is fast catching up. Nearly half the major metro markets across the country, 21 out of 50, share one common trait - at least 30 percent of the homes for sale have seen at least one price drop. That's more than a doubling since May, when Boston was just of a handful of ten major metro markets where price cutting was starting to take off. Yet for all the rush by sellers to cut prices, if the goal is to actually find a buyer, so far the strategy appears to be failing miserably. Pending sales have fallen steeply, plunging 16 percent in June here in the Bay State and 30 percent nationally. So what gives? One obvious explanation is that price reductions are becoming more of the norm than the exception. And to lead with a small reduction is not exactly going to make your home stand out from the crowd. But right now, that's what many sellers are doing. Yes, they are cutting prices, but are only taking relatively modest amounts off. The average reduction in Greater Boston is 7 percent, compared to 13 percent in Phoenix, 12 percent in Cleveland and 10 percent in Washington. Still, while I am inclined to say cut more deeply, maybe this is simply chasing the market down. What's your advice for sellers?
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