Reduce price

A - Asking price: Buyers aren't complaining?

You've been on the market for a couple of months, had lots of showings but no offers. You're thinking that maybe it's time to drop the price. But you realize that nobody has complained that the price is too high.

Could there be another problem?

Nope. All the prospects that have viewed your home have said it... even if they never spoke the words. A decent number of showings and lack of serious interest means that your house does not compare as favorably with the others in that price range. Prospective buyers compare your home to others on the market and since they didn’t buy your house, they bought another.

Overpricing actually gives the advantage to the other homes on the market. Your house isn't stacking up against the competition. Don’t wait so long in dropping the price that you make prospective buyers question why your home has been on the market so long.                                 

If you want to avoid a price-panic situation, have a plan for a structured approach for price drops. Consider the approach on the next page and avoid a lot of stress.

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