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Dec 30 2015 11629 1
When Is the Right Time to Reduce the Asking Price?
When a seller places their homes on the market, buyers should respond by scheduling showings and making offers. That will not always be the case. Reducing the price should generate more showings and offers. Timing is the question and waiting too long can cause the seller to miss the right buyer altogether. An agent should determine if the price is the issue or is it the seller’s other terms that is stopping buyers from looking. A property may be listed for the right sale price but terms like a long closing date may discourage a buyer.
Homes should be in prime condition and staged with no showing obstacles that make it difficult to get the buyers in the door. Sellers should never lose the opportunity of a showing. The list price is crucial in getting buyers in for showings.
If the house gets little or no showings when it first gets on the market and it is staged right and priced right, it may be wise to ask the seller for a price reduction. A whole new set of buyers will be exposed to the property with a price deduction.
Most sellers are reluctant to reduce the price early on the sale process. They may feel that the marketing the agent is doing may not be sufficient for exposing the property. By waiting longer sellers feel more buyers will be exposed. Sellers also feel that they will be giving up their negotiating room by lowering the price. The truth is most sellers feel that their property is worth more and reducing the price is not a pleasant thing to do.
Agents know that we have to price ahead of the market and that price in a market with lots of inventory overcomes almost everything. The right time to ask for a price reduction is as soon as it can be determined the market has changed or buyers are no longer motivated by the asking price. Selling a house is impossible if you can’t get buyers to see the property……………
A seller that waits to long without reducing the price loses buyers. A house on the market too long makes buyers think there is something and will likely not take a look at the house.