Should you do a Price Reduction?
Price reductions are emotional decisions for many Western New York home sellers. A price reduction may be the thing to get your home for sale a SOLD sign on it. Western New York Buyers have many options and price is usually the thing that will stop them from looking at your home, much less even making an offer.
Western New York home owners often forget that they really need to look at the pricing of their home objectively. Too often home sellers have all their emotions involved and cannot understand why nobody sees their home as valuable as they do.
Many times home sellers look at me to price their home correctly on the outset. What the home seller forgets, they select the price, I just give them information to make that informed decision. It is recently that I have turned down over priced listings. But even if I price the home correctly at the time of the listing 30 or 60 days later conditions could be different. A home could close lower than the compatibles that I used to select a price range for you. A sale like this will affect an appraisal of your home. WNY Buyers are educated today, they know this and will take that into consideration when they make offers.
Is it time for a price reduction?
Here are some guidelines that it might be time to have a price reduction on your Western New York home:
No showings over two weeks
Many showings and no offers
Sellers wanting to move on
Absorption rate for homes increasing
- an increase inventory and no reduction in the number of homes for sale
Selection of Homes for Sale