Kathryn's Blog

head_left_image

When should a home seller drop their price?

Real estate pro Bryan Robertson offers some solid advice for sellers.  Read below if you are wondering if your home price is at the right level:

 

 

Deciding when to drop the listing price is difficult because it depends on the region and market.  There's no one formula that will work across the board.  However, there are guidelines that I think work in most situations.  Here are a few standards I think work everywhere...

When the feedback says "It's too high!"

If the agents and buyers are coming back with pricing suggestions or verbal offers, and those are in line with the comps your priced above, then you're priced to high.  That's the point you should drop the price.  Don't wait for "the perfect buyer" to come along - it'll never happen.  You'll increase the chances of a sale by dropping it immediately.

When you haven't had a showing in 30 days

With the exception of open houses, which don't count, if you haven't had a call to either preview with an agent or show a client, you need to drop the price.  Regardless of the price range, if you're not getting at least one showing a month, the price is too high.  If it's priced right, you should be getting a lot more showings.  How much to drop depends on the property but drop it enough to get showings.

When a similar property sells for less

If a property in the same market that is a good comp sells for less than your asking price, drop the list price to capture buyers who were looking at that other property. If you want a little negotiating room, fine, but come to within 2% of the other listing price as soon as that home goes to "pending sale" status.

When the last price drop was 90 or more days ago

If the last price reduction was 90 or more days ago and you don't have a serious buyer on the hook, drop the price.  Even if a buyer is considering the property, drop the price.  Dropping the price will engage more buyers and existing potential buyers will be motivated to write an offer before someone else does.  I've seen sellers sit on properties for months while potential buyers make up their mind.  The result:  wasted time and opportunities.

When you list with me, I'll work with you to price the home right to start.  However, if the price starts out higher, I'll walk you through all the data-driven rationale behind bringing your price down to get a buyer.


If you have enjoyed reading my blog, please subscribe HERE!

 Want to know more about me?  Just Google Me! 

 

 Bryan Robertson, Broker Associate | T: 650.799.9951 | Email: bryan@serenogroup.com | Website: http://www.BryanRobertsonHomes.com |CA License: 01191946 | Sereno Group - Los Altos branch | 369 S. San Antonio Road | Los Altos, CA 94022

 

Find Me Online!

Bryan Robertson FacebookRebekah Radice TwitterBryan Robertson LinkedinBryan Robertson Blog

 

Recent Articles from Bryan's Blog

Los Altos Neighborhood Tour - Old Los Altos

Los Altos Neighborhood Tour - Rancho

The Definitive Guide to parks in Los Altos

New House Construction Costs in Los Altos

Putting Today's Technology Tools to Work for You

 

Text and photos copyright Kathryn J. Acciari unless otherwise noted. 
All rights reserved.

 

 

 

Sturbridge & Central MA Real Estate and More

 

 

kathryn acciari facebook twitter linkedin icon rss

 

Kathryn Acciari, RSPS, SRS, RESE, CFA

Century 21 MetroWest
45 Lyman Street  Suite 14
Westborough MA 01581

Serving the Route 9/20 Corridors of Central Massachusetts
Sturbridge to Westborough

Cell: (508) 982-0686   
Email:
kasellshomes@gmail.com

Web site: kathrynacciari.com
Blog:
Real Estate Blog
Twitter: @kacciari

Comment balloon 0 commentsKathryn Acciari • February 03 2012 05:57PM

Comments

Participate