You have prepared your home so it is in good condition, it is well staged and has a good Internet presence… but it still hasn't sold… now what?
Here are five clues it may be time for a price reduction…
1. You aren't getting many showings
2. You are getting showings but consistent feedback is that the price is above market value
3. You are getting showings with feedback that buyers are interested, but don't get any second showings or offers
4. You are getting showings that say your property is in good condition and shows well, is priced at market value, but… they don't like the location, the floor plan is awkward, the rooms are too small, etc
5. Your price per square foot is higher than comparable properties that have sold recently
Price is the most important factor in the sale of your home because it takes everything into account. You can't control the market or where it is located, but you can control the price.
- Your Realtor will compare your price to recent comparable sales, not just active listings.....active listings haven't sold!
- Price overcomes objections so consider this when discussing a price reduction.