If you’ve been considering the sale of your current home, you may have high hopes of receiving the full price from a buyer. But, while this can be the case in some instances, in other scenarios, a property may end up sitting on the market for quite some time – eventually prompting a reduction in the asking price.

So when is the right time for a price reduction strategy?

The answer is that it can depend. In other words, knowing when to reduce the asking price of a property for sale is never easy – and it can depend on a variety of other factors in the mix. For example, before doing any type of price cutting, ask yourself the following questions:

  • Is there more you can do to get the home marketed and sold? In some cases, price is not the reason for a home not getting any offers. Rather, it could be that the property just simply isn’t being marketed in enough (or in the proper) channels.
  • How motivated are you to sell? Your motivation can also play a key role in how flexible you are on its price. For instance, if you’re being transferred out of town and need to leave relatively quickly, then setting a lower asking price may make sense. Alternatively, if you are in a financial position where carrying the property won’t be too difficult financially – and you believe that the price you’ve set is fair – then it could be to your benefit to hold firm to your price while you wait for the right buyer to come along.

Are you thinking about selling your present home? If so, we can help. Before you set your initial asking price, let us provide you with a no obligation estimate of its value. We can also work with you in creating a marketing plan that is specific to your property and location.