Reducing Your Price

Today, in the current market conditions, if your property is getting few showings in the first few weeks, it is reasonable to wait up to three or four weeks before reducing the price (in the non-holiday season, that is). Unfortunately, your greatest impact is those first few weeks, so starting too high can be the worst mistake you make in selling your home. If you have decluttered and homestaged your home to look its best, your only other option to entice buyers is to lower your price. (If the property is vacant, you should consider staging it with some furniture.) If you have made your property as presentable as possible, the price reduction is the next step. In the past, a $10,000 reduction was a-typical. Unfortunately, that is not enough to turn the heads of buyers these days. To initiate more serious and steady buyer traffic, even on lower-priced condos, a reduction should be at least $15,000 and you will still need to negoitate from there. If a property has been on the market a long time, it might be best to withdraw it and put it back on the market as new, with the new price. Ultimately, pricing your house or condo a bit lower than you might feel comfortable, from the start, is the best move. A property new to the market that seems like a good deal will still bring out real buyers and the possibility of a higher offer.