Adjusting the price of a home.

I have just put a home  up for sale a few weeks ago and we have just lowered the price $10,000.  The sellers thought that this might be too soon.  They stated that the buyers could "always make an offer".  While that is a typical response, it is very important to set the price right when you first market the home.  Sometimes, this is just tough to do.  Unless there is some extreme circumstance that is forcing the move, they want to try it for the higher price.  Emotionally attached, they sometimes, don't respond to the data we present.  I like the idea of a predetermined time and price adjustment at the end of a certain time period, say 30 days.  This gives them time to settle into the selling process and they will know, we'll be having that price adjustment discussion sometime soon. 
  • April 12 2011 - West Bloomfield
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (1)

I agree wholeheartedly Diane.  It is one our biggest challenges sometimes, convincing a client to price their home 'right' the first time.  But the next best thing we can do is prepare them with a reasonable timeframe for a possible reduction and stick to it.  When the interest in their home just isn't there at the higher price, having a plan will hopefully ease that price reduction stress.  We all know that many sellers have an elevated sense of their homes value (sometimes to the extreme!) and only seeing how the market responds to the higher price brings them back down to earth.  Just going with the higher price without a plan for reducing it can be a recipe for strain on the relationship.  Better to be prepared!
  • April 12 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.