Hi, All:
Price: Don’t start with a high price. In this market, agents may not even bother to show the property. Then if the old familiar “Price Reduced” rider is placed on the yard sign (which I think should never be used anyway), you’ve indicated to the public and other agency that a bit of desperation has entered into the situation. Don’t advertise desperation. It won't sell the property.
The right price to ask, and to start with, is the low end of the comps. It must be a bargain to get sold in current market conditions.
Watch comps. If prices continue to drop, your listing must still compete with the dropping prices. Comp prices from a year or two ago have no effect. Price for the current market.
Again, don’t use the “Price Reduced” rider. “New Price” is much more effective.
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Showings: If the property is attracting showings but no offers, then the home itself is likely to the place to look next. And that is the subject of my next blog post on the front porch.
Stay tuned.
from The Porch…
Mike B. Class Star®
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