Realtors advise that you list your home at a price that buyers will preceive as being a good value. Yet, some sellers aren’t content unless they start at a higher price despite what comparable sales data shows. Overpriced listings, though, sit on the market and buyers and Realtors tend to forget about them.
Here’s a tip: As difficult as it may be to consider a price reduction after just a few weeks into the selling process, it is often a good strategy. Think of it like this — if you start your home off too high but otherwise the home is in good condition and in a desirable location, an early price reduction is likely to attract agents and buyers.
Not only is the price reduction important, but so is the marketing that follows. Make sure your agent kicks up the marketing efforts to generate enthusiasm about the listing. It’s also a good idea to have an open house as soon as possible after the price is reduced.
True, you may need to do more than one price reduction. In today’s changing market, it is difficult to price homes. The key is reducing the price before the competition does.