Here's What You Can Do Instead of a Price Reduction
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Tips For Sellers - What You Can Do Instead Of A Price Reduction
If you price your property and you're not getting any offers or any activity or any requests for disclosures in the first couple of weeks, well then what that means basically and unfortunately is that your property is overpriced - because there are still Buyers out there, but they are looking to get a deal and if they perceive that the property is overpriced or priced too high, then they're probably not going to come back and see it a second time. So if you're a Seller and you get people coming through a second time then that's kind of a good indication that your price is appropriate for the market conditions at that point. If that's not happening and a couple of weeks go by, you need to really seriously consider either adjusting your asking price or perhaps advertising a Seller concession where you are offering some sort of credit for upgrades, or perhaps you're offering some sort of credit towards a buy down on the Buyer's interest rate on their loan...Because remember right now, that's the 'pain point' for the Buyers, that's the interest rate. So if you, as the Seller, instead of offering ten, twenty, thirty thousand dollars of a price reduction, if you can instead figure out how much it's going to cost for you to buy down on the Buyer's interest rate one or two points, that might be a better way for you to get activity on your listing right now, instead of actually reducing your price.