When Should I Reduce the List Price of My House?

By
Real Estate Broker/Owner with Cam Realty and Property Management

When Should I Reduce the List Price of My House?

One of the reasons listings expire is the price but that’s not the only reason. Sometimes, even homes that are priced well stay on the market for a long time before they expire or taken off the market.
How do you know if your house is overpriced? This is easy, especially if you’re working with a REALTOR® who not only knows the market but someone you trust.
Sure, by lowering the list price below the market value might result in a contract but why would you as a Seller do such thing?
So, how do you avoid finding yourself in a situation thinking about lowering the list price of your house?

Price it right from day one. Your REALTOR® will show you comparables in the immediate area and of course make the necessary adjustments based on the characteristics of your house to come up with the “suggested list price”. As a homeowner, it would be in your best interest to work with your agent and follow their advice.

Make sure you’re in the loop with all the marketing efforts by your Real Estate Agent. Getting a home sold takes a lot more than placing a sign in the yard and an MLS entry. There should be ample online and offline marketing, targeted ads, print media etc. Every market is different and your local agent is the expert.

Showcase your house. The day you decide to list your home, it becomes a house. A house that should appeal to qualified buyers. Once the house is ready to show, professional photos are a must. Some Realtors are great with taking pictures but most are not. Let the pros do what they do best, hire a photographer.


Sometimes, markets change, home prices go up or down so it’s wise to re-visit your listing with your agent often to ensure the list price is where it needs to be. If you’re asking when it’s a good time to reduce the price, if the price is truly the challenge, I say, sooner the better. You don’t want your listing to become stale.
Selling a home is not an easy task, be sure to select your agent wisely so you won’t have to ask when it’s a good time to reduce the list price of your house.

If you're thinking about selling your home in the Central FL area, I would love the opportunity to speak with you. Call or text me at 407-929-1852, email bethatalay@gmail.com or visit www.WhereToLiveInOrlando.com

 

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Ginger Harper 06/06/2018 06:18 AM
  2. Gabe Sanders 06/16/2018 11:00 PM
Topic:
Home Selling

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Rainmaker
2,426,599
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

We start with the process of elimination (if there is a problem) until we meet it. Pricing is always an interesting subject as it is based on opinions not facts. It doesn't become a fact until ready, willing and able says so....

Jun 06, 2018 05:56 AM #19
Rainmaker
2,455,228
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I tell my sellers that it is important for us to listen to the market and actions from the market speak a lot louder than words.

Jun 06, 2018 07:40 AM #20
Rainmaker
61,135
Ricardo Mello
Manhattan Miami Real Estate - Manhattan, NY
Manhattan & Miami Real Estate Agent

When you are not receiving showing requests...

Jun 06, 2018 08:29 AM #21
Rainmaker
1,060,911
Margaret Goss
Baird & Warner Real Estate - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

It all starts with a good agent - even then prices can be off. I just had my own house evaluated by several agents and the price swing was huge. We settled on something in the lower middle, but ultimately the buyers will let us know.

Jun 06, 2018 09:25 AM #22
Ambassador
3,194,243
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

If your home is properly prepped & marketed and it doesn't sell now, it's the price! Location & condition aside, price is not stopping many buyers in our market but, if you're significantly over-priced, you are going to hit road blocks! 

Great post and congratulations on your feature, Beth!

Jun 06, 2018 10:20 AM #23
Ambassador
1,907,412
Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Wonderful information Beth Atalay  a seller may want to test the market if there are not many houses on the market . Perhaps the feedback is priced to high and the agents advise is now to lower the price . You have covered the bases with this post . So glad it was Featured

Jun 06, 2018 11:08 AM #24
Anonymous
Shari Kay

90 days, if no action a good agent would reduce for 30 days and if nothing have the client go off the market not to accumulate the dreaded DOM.

Jun 06, 2018 03:02 PM #25
Ambassador
3,919,037
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

These are good suggestions, Beth. Price so often is the culprit when a home is not selling but not the only one. Having good advice from a knowledgeable Realtor is the best course of action, with the right price to start!

Jeff

Jun 06, 2018 03:36 PM #26
Rainmaker
1,936,443
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

As often as it takes to sell it and bring it in line with the market. Over priced properties only help sell other realistic valued listings on the open market.

Jun 06, 2018 05:55 PM #27
Rainmaker
912,612
Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

All great advice, when it doesn't sell, it's price!

99.9% of the time it is price and it needs to be reduced by weekend #3 or sooner.

Exposure and accessibility matter too.

But every home sells, I've had some real ugly houses to sell, priced right, they do sell!

Jun 06, 2018 06:24 PM #28
Rainmaker
453,272
Michael Eisenberg
eXp Realty - Bellingham, WA
Bellingham Real Estate Guy

Pricing and timing are critical, I'll take an overpriced listing if the seller agrees to bring the price down quickly with few showings and no offers. Priced right any home will sell. Great advice for sellers, when you conult a knowledgeable professional, take their advice!

Jun 06, 2018 07:23 PM #29
Rainer
471,564
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

It always starts with L3. Desirable neighborhoods, not the price IMO is the key element. Additionally, depending on the existing properties for sale in that neighborhood, a premium price might be justified.

Many sellers don't heed their RE agents advice and insist on listing at a higher price. Unfortunately, many agents will secure the listing knowing that the price will soon be reduced to FMV but at what cost?

The challenge to any other prospective sellers is why list with an agent who can't sell the property at the listed price or a reasonable amount of time? Sometimes it's best to simply walk away and maintain your performance and professional reputation. 

Jun 06, 2018 10:36 PM #30
Rainer
278,496
Ron Aguilar
Continental Mortgage - Saint George, UT
Mortgage & Real Estate Advisor since 1995

A very timely post to share. I very much enjoyed the responses from all the professsionals, this really helps me learn as a Mortgage Lender. While I am on the subject. AR has been a huge part of my RE knowledge for many years. Thank you to everyone!

Jun 07, 2018 09:28 AM #31
Rainmaker
3,247,802
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Beth --- not only a gold star-worthy post but some diverse comments (one of ActiveRain's benefits) that complement the post.

Jun 07, 2018 09:55 AM #32
Rainmaker
394,962
John Wiley
Right Move Real Estate Group- EXP Realty - Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Starting out right is the best practice.

You start with a professional, knowledgeable agent that can give you the market indicators that help with selecting the appropriate price to list at.

I have been told that the first two weeks of a listing are the premium times of selling. So if not sold in that two week period and no offers, it is time for a price improvement.

Very interesting post and view points in the comments.

Jun 07, 2018 01:37 PM #33
Rainmaker
527,231
Karen Feltman
Cedar Rapids/Iowa City, IA KW Legacy Group - Cedar Rapids, IA
Relocation Specialist in Cedar Rapids, Iowa

Watching the market around you can be a great way to know when you are over-priced for the current market.  If most homes in your price range are selling in a few days with multiple offers and you are getting no one to even look at, it could be price or it could be condition and other factors like the ability to show.  Great post.

Jun 07, 2018 03:18 PM #34
Rainmaker
3,178,259
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Many sellers fall into the do not confuse me with facts mentality I have seen the Z & T estimate and if you want the listing we will do our price....Endre

Jun 11, 2018 10:58 PM #35
Ambassador
1,957,582
Michelle Carr Crowe,Altas Just Call...408-252-8900!
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Pricing it right from day one is the best policy; if no offers in 30 days, time to adjust. 

Jun 17, 2018 12:16 AM #36
Rainmaker
3,193,292
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

While it is always the intention to price it right from day one...that doesn't always happen for a variety of reasons...so then you need to moooove it quickly to the next group o anxious buyers.

Jun 17, 2018 05:07 AM #37
Rainer
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Jun 26, 2018 01:14 AM #38
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Rainmaker
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Beth Atalay

Cam Realty of Clermont FL
Sell or Buy Homes in Clermont FL
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