The first two weeks of marketing are crucial. In that time, if your home has received few showings or offers, price is the most likely issue. It’s time to reduce the price, but do it the right way.
Don’t panic. You may feel two weeks isn’t enough time, but the market has spoken. There’s a magic number that will re-stimulate other real estate professionals to contact their buyers.
Contact your Berkshire Hathaway HomeServices network professional. They will give you a fresh comparable market analysis and identify any new trends for you, as well as discuss target pricing. A price reduction of 3% to 5% might encourage other real estate professionals to show your home and for buyers to ask their agents to show them your home.
Formulate a strategy. It’s never healthy for a home to undergo multiple price reductions, so strive to hit the magic number once and only once. Make it low enough that your home is near the least expensive homes that are similar to yours. You could go from receiving no activity to fielding multiple offers.
Offer an incentive. You’ll pay the buyer’s closing costs, include a year’s home warranty, or offer a $10,000 or $20,000 discount on all offers.
Don’t call it a price reduction. It’s a price improvement! Your real estate professional can put into the marketing notes for buyers to please make their highest and best offer the first time, which politely signals others that competition for the home is anticipated.