One thing that we do not see very often in this strong sellers’ market is home sellers lowering their asking prices.
Of course, for those that missed the mark when they hit the market, that’s usually the first thing they can do to generate interest. I went scouring our MLS and found just nine home sellers who have recently dropped their asking prices.
Homes For Sale With Recent Price Reductions
Homes For Sale With Recent Price Reductions
Why Do Home Sellers Lower Their Asking Prices
Home sellers who are not getting enough activity on their homes should discuss options with their agents before lowering their asking prices. This is a sellers’ market, so homes that are priced at market value should be selling (fast).
Oftentimes, a home is poorly exposed and not enough buyers know it’s available, but if proper pre-marketing were done, a home should be swamped with buyers the first few days it hits the market.
If a large number of buyers come and see the home, and no offer is presented, the seller must understand that the market has rejected the asking price and it will either take (a lot of) time or a price reduction to get the home sold. Why a lot of time?
The additional time is what’s required for appreciation to bring the market up to the seller’s asking price. I strongly advise against over-pricing a home and then waiting for it to sell. This oft-used strategy ends up costing the seller money, as it rarely results in a bidding war among buyers (the best way to get top dollar for a home).
Now if the home was not swamped with traffic right away, the seller should sit down with their real estate broker to see what is going on. This market is far too hot for a home not to get immediate attention.
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How To Properly Price A Home
Though I have written on this topic many times over the past 14 years, it is perhaps the most important topic for home sellers. Choose the right asking price, and you walk away with the most money possible from a sale. Price it incorrectly, and you’ll likely leave tens of thousands of dollars on the table (even in a sellers’ market!).
The Top Reason Sellers Ask Too Much For Their Home
I produced the video above last year (before I got I purchased a better microphone), and it talks about the top reason that home sellers feel compelled to overprice their homes. Watch the video so that you don’t make this same mistake.
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