If you have been on the market for 3 – 4 weeks or longer without a price reduction you should give it serious consideration. While reducing the price is never fun – it will make, or save, you money. Also something to keep in mind is that when you reduce your price you typically are not giving up value but simply reducing the amount you have to negotiate to get to a “fair market value” price where buyers are willing to buy.
If you are getting showings but have not received any offers this means you are close to the right price to sell. Statistics tell us that having showings but no offers means you are 6% too high and should adjust your price accordingly.
Many sellers try the strategy of several small price drops over time. What they miss though is the impact and excitement you want to create from a price drop. Think about it this way – If your favorite store advertised a 2% off sale – would that get you excited to buy something? Probably not.
Finally, you really can’t be too low because when it’s too low multiple buyers jump in to drive the price up. It’s what you see in auctions and bank owned sales.
Call your At The Beach Team Listing Agent to discuss your properties pricing strategy today.