Having a pricing strategy in place before going active on the market is crucial - and pricing a listing competitively from the beginning is the best way to attract buyers. But sellers can also spark some interest with a strategic price reduction.
1) If you have had little buyer activity and no offers after 60 days: It may be time to lower the price in order to appeal to active buyers in your area.
2) Don't wait too long to make an adjustment if it becomes clear that prices in your neighborhood have fallen since your home came on the market. If a competing property is reduced first, your higher price could make your property less attractive to buyers. Keep in mind that the longer a home sits on the market the more likely it is to be perceived as undesirable.
3) The longer your property stays active on the market, buyers may start to assume there is something wrong - even if it was simply overpriced next to the competition. Delaying a price reduction could end up costing you if your property takes several months longer to sell, you still have to consider the mortgage payments, property taxes, insurance, maintenance, et cetera.
With the San Diego market changing quickly, we are seeing more housing inventory, and seller price reductions are becoming more commonplace. Contact me today for a detailed analysis of your home's market value or current neighborhood conditions. I look forward to discussing your property! Contact me today at 619-209-9953 or firstname.lastname@example.org.
Thanks to the National Association of REALTORS® and Buffini for this information.