Questions to Answer When Considering a Price Reduction

Price reductions aren’t always necessary. Sometimes you just need better marketing or the home needs to be in better condition.

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The conversation of “Is it time to drop the price of my home?” is one we have quite frequently with our sellers. When they see their home sit on the market for longer than others, it’s a question every seller inevitably has.

Part of this conversation revolves around the current price, while the rest of it revolves around the property’s condition, as well as where the property is being marketed. Those are the three main influences for us. Before we get into price reductions, let’s talk about the home’s marketing and condition.

We always ask our clients the questions that get to the heart of their home’s marketing; things like what websites the home is being marketed on and which social media platforms you are utilizing tell us whether you’re getting a wide variety of exposure.

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Part of this conversation revolves around the home’s condition.

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The home’s condition plays a huge role in any of these discussions. Professional photos are a must-have, and they need to show the property in its best possible light. After that, it’s all about getting the home show-ready.

After we’ve looked at condition and exposure but before we’ve made a price reduction, we want to take a look at the showings that the property has been getting. If there have been a lot of showings, we know we are priced within the realm of possibility. However, if we aren’t getting any offers, we will typically do a 1% to 3% price reduction to give the buyer an incentive to move on the property. If we aren’t getting any showings but we’re getting a lot of views online, that’s when we know we will need to make anywhere from a 5% to 10% reduction in price.

If you have any questions for us at all, don’t hesitate to reach out by phone or email. We look forward to hearing from you.