Reducing your asking price |

Reducing your asking price


When you set your asking price, it was with the belief that the home was worth, and could ultimately sell for, that amount. However, if it is several weeks later, and there have been no offers, and showing responses indicate that you are priced too high, it could be time to take action. Discuss with your real estate agent whether, or not, you should reduce your asking price. Many sellers might feel discouraged at this prospect, but lowering the price to the right amount, at the right time, could work to your advantage.

Adjusting your asking price indicates to potential buyers that you understand the market conditions, and are willing to make compromises when warranted. It also shows that you are truly motivated to sell the property. Both characteristics can be very appealing to prospective buyers, and their agents

Once you decide to reduce the price, work with your real estate professional to come up with a new, more realistic price. Ask them to provide you with updated market activity data for your area, and with copies of showing response sheets they have received from agents that have shown your property. The latest data will let you know if any properties in your area have sold, or come on the market, since you listed your home. The response sheets should have recommended list, and selling prices, for you property from other agents.

Make the most of the decision to adjust your asking price! Your realtor can run tailored marketing, including ads tagged, “Just Reduced” or “New Price.” He can contact all prospective buyers that visited your open houses, or toured the home, and let them know about the reduction. He can also reach out to his professional network, and let his colleagues know that, “This terrific home is now available for even less!”

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