greenieS
Verified member
Indicators that your home needs a price adjustment
Nearby comparable deals are priced lower
When you set the price of your home, you want to make as much profit as possible, while maintaining a degree of competitiveness with other "competing" offers. Setting the sale price is almost an art, which is why many sellers resort to adjusting the starting price within a few weeks of the sale. Take another look at similar homes in your area. Is it possible that the chosen price is too high? Are other similar properties selling faster?
You are not receiving property requests
Although many factors may be responsible for the lack of demand, most of the time, the price is to blame. As long as buyers think they can find a similar home at a better price, they are unlikely to be interested in your home. If your property has many online views, but no concrete demand, the problem may be that the price is too high. Interest in the property tends to decrease after the first two weeks, so you'll find out fairly quickly if the set price doesn't resonate with potential buyers.
Price reduction strategies
Act fast. As mentioned earlier, your property will be in the attention of buyers for a few weeks after the sale. If you realize that the price reduction is necessary, take action.
Be realistic. Make sure you can comfortably accept the new discounted price. What is the minimum price you can receive for the property to be viewed as a successful transaction?
Follow other vendors. How long have other landlords waited for housing prices to fall, and how significant are these price reductions? Try to get information about recent transactions and observe the market to correctly assess the timing and "consistency" of the price reduction.
Reduce the price once. No seller likes to cut prices, and the temptation to make too many small price adjustments is high. But this strategy is to be avoided for a simple reason: it may take a few successive discounts for potential buyers to notice, thus unnecessarily prolonging the sales process. Instead, decide on a price discount that is significant enough to restore buyers' interest in your property.
Nearby comparable deals are priced lower
When you set the price of your home, you want to make as much profit as possible, while maintaining a degree of competitiveness with other "competing" offers. Setting the sale price is almost an art, which is why many sellers resort to adjusting the starting price within a few weeks of the sale. Take another look at similar homes in your area. Is it possible that the chosen price is too high? Are other similar properties selling faster?
You are not receiving property requests
Although many factors may be responsible for the lack of demand, most of the time, the price is to blame. As long as buyers think they can find a similar home at a better price, they are unlikely to be interested in your home. If your property has many online views, but no concrete demand, the problem may be that the price is too high. Interest in the property tends to decrease after the first two weeks, so you'll find out fairly quickly if the set price doesn't resonate with potential buyers.
Price reduction strategies
Act fast. As mentioned earlier, your property will be in the attention of buyers for a few weeks after the sale. If you realize that the price reduction is necessary, take action.
Be realistic. Make sure you can comfortably accept the new discounted price. What is the minimum price you can receive for the property to be viewed as a successful transaction?
Follow other vendors. How long have other landlords waited for housing prices to fall, and how significant are these price reductions? Try to get information about recent transactions and observe the market to correctly assess the timing and "consistency" of the price reduction.
Reduce the price once. No seller likes to cut prices, and the temptation to make too many small price adjustments is high. But this strategy is to be avoided for a simple reason: it may take a few successive discounts for potential buyers to notice, thus unnecessarily prolonging the sales process. Instead, decide on a price discount that is significant enough to restore buyers' interest in your property.
