Should I Reduce My Asking Price?

This is a question that just about every seller faces at some point during the time their home is on the market for sale. Should I reduce the price?

There are some variables as to whether you should reduce the price fo your home. We are in a market right now where homes are sitting on the market longer than a few years ago...but just because it has been on the market for 30, 60, or 90 days does that mean you need to reduce the price of your home?

Consider these questions if you are thinking of reducing your price or your Realtor has recommended reducing your price.

Am i getting showings on my home? Are there people coming out to look at my home. If you are not getting many showings on your home as comparison to other homes in the neighborhood then you may need to consider lowering your price.

How is my home priced in comarison to comparable homes on the market and ones that sold in the past 90 days? If you are signifcantly higher without any justifable improvement or reason you may need to lower your price in order to fall in line with what the market is bearing at this time.

Do I need to sell Now? This is and will always be the single largest factor in an adjusted home price. Are you relocating or moving to another school district and want to ensure the kids are going to start the year in that school... Then you may want to look at your finances and decide on what would be the least amount you can accept for the home and adjust the price accordingly.

Last, is how long has your home been on the market in comparison to other homes in the neighborhood? How does it compare to homes that have sold in the past 60 to 120 days(depending on how many have sold). If you are trending toward being on the market longer than average; you may want to consider lowering your price.

Dave diCecco
Realtor/Broker
www.davdicecco.com