Princeton Town Topics – Let’s Talk Real Estate – April 25, 2007
WHEN SHOULD YOU LOWER YOUR ASKING PRICE?
Your house has been on the market for a few weeks. Despite many showings there were no offers, so you are considering a price reduction. You want to get as much as you can for your home, but more important, you want it to sell!
This may be the time to have a frank discussion with your Realtor. While price may be a major factor, it may not be the only consideration. Are you making your house easy for agents to show? Have you completed the necessary maintenance and cleaning so that your property is as appealing as possible? Review with your agent the current market conditions and the prices of other homes in your neighborhood before determining that a price reduction is in order.
Although your price is competitive, the marketplace may be telling you that buyers just won’t pay what you are asking. If all indicators point to a price reduction, it is better to do it sooner rather than later.
