So your property has been up for sale on the market for a while and your REALTOR® has approached you for a price reduction. Emotions are all over the place and you think it’s their fault; Time to settle in for the ups and downs of the business.
Before it comes down to pointing fingers let’s ask the right questions to educate ourselves on what is happening and to see if our agents have been doing their job.
Here is a brief list of questions that I recommend you ask before agreeing to a price reduction:
- When you listed the home, you convinced me you could sell it at this price. What has changed since then?
- How much has the market appreciated/depreciated since the home was first listed?
- Have the agents and buyers who viewed the house told you they thought it was priced too high?
- What has happened to similar homes since the property was listed?
- Why is a price reduction the best solution for me and my family?
If you work to find honest answers you should be able to tell whether it is the market or the marketing that is hindering the sale of your property at its listed price.
