If you must lower your home’s price after putting it on the market, you’re better off doing it sooner rather than later.
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Making a price adjustment to your listed home should always be a last resort, but when is the best time to do it if you must? How soon after you list your home should you consider a price change?
To answer this question, you need to understand how buyers come into contact with the price of your home and how they ultimately compare it to other similar homes. Something magical happens when a home first hits the market. It’s like being a kid at the high school dance—all eyes are on your home, and agents and buyers are quick to make decisions and judgments about it. Is the home overpriced? Is it in good condition based on the photos? Is it in a good location?
First impressions will ultimately shape how much activity your home generates and how many showings you get. If you get little or no showings, it’s best to adjust your price right away. Why not wait? Think of the real estate market as the movie industry. Once your home hits the big screen, the audience determines whether they like the movie or not. Waiting longer will not change their mind.
If you get little or no showings, it’s best to adjust your price right away.
There are other times you may need to consider a price change as well. For instance, imagine that when you first list your home, it’s priced in the middle of your price point. If the lower-priced homes sell and the higher-priced homes reduce their price to be lower than yours, you may need to reduce the price. The home may no longer be positioned properly in the market.
Remember, agents often look at your home’s price when you first list it, so keep your eye on that and keep your eye on what’s going on in the marketplace so your home is priced right from the beginning.
If you’re looking to buy or sell a home in our market, don’t hesitate to give me a call. I’d love to help you.