When Is the Right Time to Reduce the Asking Price?
The author of this article really hit the nail on the head. My favorite quote from her post would be,
"Adjusting the price will get the home noticed by a different set of buyers and puts it on the radar to be considered by buyers and agents planning their showing agendas."
No seller is eager to lower the price of their home for sale. That being said, once a home has been extensively marketed and the home's condition is not a negative, lowering the price becomes the only available solution.
We deliver this message to our sellers on a regular basis. That message is seldom well-received. In a flat or declining real estate market, our job is to tell sellers what they need to hear, instead of what they want to hear.
When Is the Right Time to Reduce the Asking Price?
Sellers want to know when they put their homes on the market that buyers will respond by scheduling showings and making offers. That is not always the case and to generate more activity the price may need to be reduced. Timing is the question and waiting too long can cause the seller to miss the right buyer altogether.
Homes have to be in prime condition and staged well with no showing obstacles that make it difficult to get the buyers through the door. Sellers cannot afford to lose even one possible showing. Pricing right on the front end is crucial.
So when a home goes on the market, priced right, staged right and gets very little showing activity, we know that there is only one resolution. Adjusting the price will get the home noticed by a different set of buyers and puts it on the radar to be considered by buyers and agents that are planning their showing agendas.
But sellers are resistant to cutting the price early on. They think that the agent must have left some critical element out of the marketing and that is the reason the house is not selling. They think there hasn't been enough time and waiting longer will allow more buyers to come out of the woodwork. They think if they reduce the price they are giving up their negotiating room. They think their home is worth the price and even if the market is shifting their home is worth it because they paid X amount or have an appraisal from years ago that proves it. Yes, we have heard it all.
We know that price overcomes almost everything and in a market with lots of inventory you have to price ahead of the market. By waiting even a few extra weeks, the opportunity may have passed. When is the right time to reduce the asking price? As soon as it can be determined the market has changed or the asking price is not motivating buyers. It is hard to sell a house if you can't get buyers in the door.
When Is the Right Time to Reduce the Asking Price?
Waiting too long can cause the seller to lose a buyer. A home that stays on the market a long time turns buyers off and makes them think there is something wrong. Get the price right and it will sell.
When you have a Clarksville TN home to sell and want expert advice, contact Debbie Reynolds at 931-320-6730.
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"The Real Debbie Reynolds"
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