When to lower your listing price
It is the dream of every home seller, realtor, or agent to sell their properties quickly, especially in this competitive real estate market. However, like every other area in life, this is not always so in some circumstances. What can be done if those purchase offers don’t start rolling in as quickly as you’ve projected? What happens if no one has even shown any interest in buying your listed properties at all?
A lot of sellers know that it is time to reduce the price of their house when they start experiencing this. If you’re contemplating reducing the price of a home on the market, understand that the longer the property is listed without a potential buyer, the lower your odds are of selling it for the list price. However, to know if it is the right time for you to consider a price adjustment, you must consider the following factors:
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No one is buying from you
Although there are many reasons why people might not want to buy a listed property, we all know that price is often one of the major factors. If a potential buyer feels like they can find a similar property at a more suitable price, the odds are high that they will not buy from you, or even reach out. Therefore, you might want to adjust your price if you realize that people view your listing online but do not submit an offer to buy or even inspect. Also, review your price if you get an open house inspection without any sale.
Other realtors are selling similar properties faster
It is possible that people would have loved to buy from you but went ahead to buy from another realtor or seller because they found similar value. Understandably, every seller wants to make a lot of profits in a competitive market. However, when you select a list price for your home that is too ‘aggressive’ for potential buyers, you will most likely find them going to your competitor for better pricing on similar properties. Learn how to price your property and adjust when the need arises.
You’re having a few inspections
It is correct to say that your number of showings also plays a role in determining if you should consider reducing your price or not. In other words, the foot traffic coming through the door indicates the attractiveness of your list price as a seller. If your open house inspection and showing traffic reduces drastically after the first two weeks, your price might not resonate with buyers who actually would have bought from you.
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Strategies to reduce your listing price
Be realistic: When contemplating what your new price will be, you have to be sure that whatever reduction you are making works for you. Once you can determine the amount you are comfortable with, then, you are realistic and satisfied with transactions that come your way. What’s the lowest price you can accept and successfully move on from the sale?
Make your decision on time: As we discussed earlier, you should consider adjusting your listing price as soon as you notice that the number of showings and open house inspections has dropped significantly after the first two weeks your property listing is active.
Only adjust the price once: Of course, because no one would like to adjust their listing price, sellers are often tempted to make multiple small price adjustments. Sellers need to avoid this strategy, as they would have made multiple small reductions before buyers would take notice. What this does is to prolong the sales process. Rather than make multiple small cuts, decide on a significant cut you can let go of and communicate that to your audience to ensure overall success in sales.
Take a cue from other sellers: Visit Asvilo’s website to see what other sellers are up to and the price range at which they have listed properties similar to yours. Also, check if they adjusted their prices and how long they waited to make a price adjustment. Be sure of how much they reduced the price, so you won’t shoot yourself into a loss.
List your property on Asvilo: Listing your properties on our website has a lot of benefits for you as a realtor. Apart from the fact that listing on our platform is free, we have seen traction in the number of visitors and sales. All you need to do is sign up on our website as an agent, get approved, list your properties for sale, and get buyers.
