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Price Reductions

By
Real Estate Agent with Keller Williams Greater Omaha 20041001

I have stressed before Importance of Pricing a Home Properly in Omaha and Dangers of Overpricing a Home. But what if you price the home as best as you can at the beginning but it doesn't sell? The solution: a price reduction.

Every effort should be made to price a home right when it goes on the market. The price should be based on recent sales of similar properties in the area, current inventory for sale, and the seller's time frame for having the home sold. If after thirty or forty five days the home still has not sold and there is little interest in it, then what should be done. Simple, admit you were wrong and lower the price. I would rather admit I was wrong and tell the seller we need to lower the price, rather than insist that I am right and have the home not sell.

When is a price reduction appropriate? I review price with my clients about once a month. A month is a long enough exposure period to find out if the price is right. Interest is gauged by the number of showings and feedback from those showings. When buyers are not coming to see the house it is a statement that at that price buyers are not interested. Of the buyers that do look at the house, their feedback is important. Did they think it was priced right? Did they think it was in good condition relative to the price? I use Homefeedback to gather feedback from agents after each showing. Ultimately every time a buyer looks at the house but buys a different one is a message that the buyer thought the other house was a better value.

Trumm Team - Alliance Real Estate, Omaha, NE

Your Home Sold within 120 Days or I will Buy It!

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