So, you’ve had a property on the market and it just doesn’t seem to be selling. At what point do you decide to reduce the price of your home?

Today we’re asking When Is It Time to Reduce the Price of Your Home?

In a seller’s market, homes can sell in as little as one showing, and this is the market we currently find ourselves in. But if pricing isn’t right, homes can sit on the market for considerably longer and may make sellers consider reducing their price.

Feedback

To see if we should do a price reduction, we need to get feedback.

No matter whether a home is expected to sell quickly or stay on the market longer, Realtors need to get feedback about the property and take note of shortcomings and find ways to make the property more appealing.

This way, with active feedback, sellers can make changes and make the property more appealing. If many comments are overlapping, such as a critique of a certain colour or the state of your carpet, that could be a key piece of info you can make use of.

Comparable Properties

Another factor we consider when considering if it’s time to reduce the price of your home is that of comparable properties.

Comps provide us with more than just information on how much property sold for it also shows us how long a property stayed on the market and other key pieces of information.

Up-to-Date Stats

When we look at comps, it isn’t a one time look into the data; we constantly stay up-to-date with the market trends in your neighborhood, so we can be strategic. 

If similar properties in your area have taken longer to sell and have needed price reductions will factor this into our decision. If we have numerous showings and no offers, it could be a sign the price may need to be reduced.

Fortunately for sellers, this is in fact a seller's market. This means that you on average have more offers, more interest and potentially sell your home for more.