Many sellers have the topic of price reduction on their mind. In fact, one of the most common questions home sellers ask is, “When should I lower the price of my home?” Of course, no one wants to lower their asking price. We all want top dollar for our home. But the fact is that in some cases, lowering the price is necessary.
Following are key signs that it may be time for sellers to consider a price reduction.
1. You have very few showings – If your home is new to the market, you should get a flurry of activity the first few weeks of your listing. That’s because people always want to see the newest homes that hit the market. But if you never experienced that initial viewing frenzy, or if you did and now it’s suddenly crickets, it may be an indication that your price is too high.
2. You have many showings, but no offers – Similarly, you may be getting ample showings, but no offers. This could indicate that your photos and description are compelling, but the home and its asking price are not living up to expectations. If you can’t enhance the home with updates or repairs, you may need to re-examine the asking price.
3. You need to move soon – Sometimes you can’t postpone life changes. For example, if you need to move very soon for a job transfer, and can’t afford to carry two mortgages while you wait for an offer, lowering your price may be your best strategy to get out of the home quickly.
4. The market is changing – Market changes can come at any time. Some changes may be unexpected while others can be seasonal. If you and your real estate agent notice a market change that could prolong the home sale process, doing a price reduction may be your best option.
Be Smart with Your Price Reduction
Before you lower your price, always consult with your real estate agent. Work together to determine the best new asking price for your home—one that meets your needs as a seller and that attracts qualified buyers. Remember, you can find many great tips for home sellers on our Facebook page. If you’re thinking about selling your home, we can help! Contact us today!