3 Reasons to Reduce the Price of Your Home
In the end, it’s better to sell your home at a lower price rather than not selling it at all. Never make any decision without consulting your realtor, but these reasons may help guide your thinking:
Time is running out
This is the most obvious reason if you have a deadline that you need to meet, like moving to a new job or perhaps a financial deadline to close on your next home.
When the clock is ticking, you may need to put your pride aside and focus on getting your home sold. Lowering the price is a great way to do that because it helps re-energize your listing and might help attract new buyers who were not previously in your home’s price range.
The amount that you drop the price will depend on how quickly you need to complete the sale and other factors like competition and your home’s value.
Lots of showings, no offers
It’s easy to get excited whenever a showing happens, but just as easy to become disappointed when that showing does not lead to an offer. Have that happen enough times, and you might begin to wonder what’s wrong with your home.
Chances are, it’s the price that’s keeping someone from taking the next step. Lowering the price, even just a little, may be enough to get at least some of those prospective buyers to change their minds and make an offer.
It’s the only option
Regardless of time or how many showings you’ve had, sometimes reducing the price of your home is the only way to get it off the market — especially if you don’t have the money to spend on upgrades or staging it to make it more appealing to buyers.
A price reduction will help bump your home back to the top of the listings and hopefully create the buzz you need to attract the right person. In the end, all it takes is one buyer to move your home from “for sale” to “sold.”