Is It Time for a Price Reduction on Your Home?

Grand Rapids Real Estate Podcast with Mark Brace

If your property is currently on the market, how do you know if you need a price adjustment?

There are obviously a lot of variables involved in attracting buyers to a property. The three things buyers consider when looking at a home are condition, price and location. You obviously can’t change location, but you do have control over price and condition.

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Price is just one variable buyers look at.

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If you’ve been on the market long enough, listen to what your Realtor is telling you about the feedback received from all the showings because the market will respond accordingly. If you’ve been on the market for a long time with a number of showings and no offers, you’re basically getting rejected by the market.

You and your Realtor need to evaluate the market rejection along with those other variables to see if it’s time to drop the price, or decide if the price is really the issue. There may be other objections to the property, like a water tower in the backyard or proximity to an expressway. You can position the home at a level that will overcome all buyer objections if you’re willing to come down below what you might think is a fair value.

If you have questions about pricing, or you’re thinking about buying or selling a Grand Rapids home, give me a call or send me an email. I’d love to work with you.