Yesterday, we noted how the first couple of weeks on the market are a critical opportunity for the owner to get the best price for the property. New listings attract the most buyer attention. But care is required – a mis-priced property may squander that initial buyer interest.
If that occurs, an effective way for the agent to generate more interest, is to move the property to a different market level. The only economical way to do this is by a ‘price adjustment‘ – a price reduction!
The property portal sites allow buyers to select price ranges in $50,000, $250,000 or greater increments. So depending on the price level, a reduction of $5,000 or $10,000 or even $20,000, may make little or no difference to buyer response. That’s because a price adjustment of less than about 10% means the property is still in the same price range, so it’s exposed to the same buyers as before.
A price change of $50,000 or 10% is needed, to find different buyers. This will work, but the best way to get the highest price for your property will be in the next post in this series.