3 Solid Ways to Strive for a Home Price Reduction
It’s the classic real estate agent tale:
You’ve just landed yourself a new listing and the ride is going smooth until the seller pulls the emergency brake without warning by suggesting you list the home well over market value in order to “aim high and drop down later”.
Although you may be desperate to agree to anything to get the listing it would be wise to put in some real thought here.
Getting a home price reduction is not an easy task so don’t be suckered into listing the home at an inflated price with the assumption that the sellers will still be open to the idea of that home price reduction when it becomes absolutely necessary.
No, by that time they will have lost faith in your selling capabilities and your motives will come into question. Instead, realize that this situation needs to be dealt with as soon as possible and take the necessary steps to avoid a complete business meltdown.
Squash the Overprice Bug Before it Bites
Remember, a good buyer’s agent will be bringing their clients comparative market analysis before making an offer and you should be showing this same analysis to your client during your listing presentation. Exhibit a strong case on why they should price the home correctly now instead of wasting precious time on the market at an unrealistic price only to be cornered into the idea of a home price reduction later.
Arm Yourself Incase You’re Sent to Battle
Follow up with agents that tour your home for pricing feedback and ask if the listing is priced competitively. Then present their opinions to your seller. It may also prove worthwhile to monitor the prices of comparable homes in the area that sell during the time your listing has been on the market. All of this information will be good to have on hand just incase the need for another home price reduction discussion arises in the future.
Cast Your Vote: “Yes on Home Price Reduction”
If it’s been a few weeks and its all show and no go then maybe it’s time you revisit the topic of the listing price. Bring all of the information you’ve been gathering since the house hit the market and make your claim. A home price reduction may not be such a bad idea once the seller sees that there’s been interest but clearly something holding back the buyer.
Remember, a good price right out of the gate will result in the listing having the best chance to sell, but all is not lost if you don’t get your sellers to agree right from the start. Do your homework and present your seller with a solid case and you’ll be sure to get the listing down to the right price.
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