Reasons to Reduce The Price of Your Home
Posted July 26th, 2016 by Clarissa Gregg

While every seller wants as much as possible out of their home sale, what happens when your house is on the market and not selling? Price reductions are sometimes a necessary part of marketing a home. It can be hard to let go of the price you initially decide is appropriate for your property, but here are some reasons why you may want to seriously consider dropping your asking price.
1. You are running out of time. If you have a home that needs to be sold within a certain time period, you have to be very selective about pricing. Overpriced homes tend to sit on the market longer, while appropriately priced homes sell more quickly. When you are short on time, lowering your price could get your home sold and relieve your stress.

2. A lot of showings, but no offers. Buyers might absolutely love your home, but decide that the price is either out of their range, or not in line with current market conditions. Perhaps a reduction could be the key to getting that successful offer in hand!

3. Prices of homes are changing. The market is fluid. Your home may have been priced competitively initially, but then the market takes a turn and homes around you start to lower their prices. In this case, the best thing to do is lower your price to remain competitive.

4. Few interested buyers. The price of your home could be the issue if you don’t see an initial flurry of showings when you list. When a house first goes on the market, it is normal to receive an influx of inquiries about the property. However if the price is too high, buyers may overlook the property without ever giving it a chance.
Pricing your home competitively is a crucial part of successfully selling your home. Your real estate agent and your Real Estate Counselor are very familiar with the market in your area, and will be able to provide advice regarding pricing your home appropriately to maximize your sale price.

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