Turn a Disadvantage Into an Advantage When Reducing the Price of Your Home
Denver’s cooling real estate marketing trend has left a lot of current home sellers with the question: “Should I reduce the price of my home?” You need to have this discussion with your trusted agent and follow their guidance, but there are three essential questions to guide this discussion.
How many showings have I had daily during the first week on the market? If the answer is zero or very few, that is a huge indicator that a price drop may be needed.
Have I received any offers after 10 days on the market? The first fourteen days on the market is your biggest window of opportunity to sell your home. The chances of getting under contract at the current price point exponentially drop after fourteen days.
What is my competition experiencing? Have your real estate agent research what other similar houses in the market are experiencing. If homes with similar price points and square footage are not selling, it is a big indicator that the median price has dropped. This means your home listing needs a price correction, and it is best to do it before your competition does.
If you need to do a price correction, do it just once. With a one-time price drop, your home listing will refresh and be listed at the top of the feed. So when a price decrease is warranted, make it significant. This will attract more buyers and hopefully multiple competing bids.