Not looking forward to having that “Just Reduced” phrase attached to your home? You’re not alone. Hearing those dreaded four words that no seller wants to hear- as in, “Your home is overpriced” makes sellers cringe.
Unfortunately, the market changes, inventory changes, and circumstances occur that are beyond yours or your agents control, which would necessitate a price reduction.
Think back a moment to your meeting with the Realtor just prior to listing your home for sale. Oftentimes, your agent will suggest a price range.
Was your Realtor certain you could get the amount suggested in their analysis? Did they offer enough comparables to show you that your home would be positioned in its optimum price range?
Did you want to try for just a little bit more than the agent suggested and leave room for negotiating?
It’s not uncommon to want to ask for more money. The trick is knowing when to reduce the asking price of the home if the higher price proves to be too much for the market.
Three signs to look for:
Review the above scenarios with an unemotional eye for detail, put yourself in a buyer’s shoes, and have that conversation with your agent.
Have you seen our latest article for WestportNow about the effectiveness of Open Houses?