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When You Should Reduce the Price of Your Home

Friday, August 23, 2019   /   by Andy Mandel

When You Should Reduce the Price of Your Home


If your home has been sitting on the market unsold, there may be a problem with your price. But how do you know if price is truly the issue? There are a few factors that can give you a good indication.


A well-priced home should be getting at least two to four showings each week. If you’re not getting that amount, it’s time to look at reducing the price. The market is basically saying your home isn’t in line with the competition.


If you are receiving two to four showings a week, you should also be getting at least one offer for every 10 showings. If you’re not, it’s important to reach out to the buyers’ agents and find out what’s stopping them from writing an offer. This way, you can find out if it’s an issue you can quickly fix.


If it’s something you can’t fix, such as your location, the only thing you can really do is adjust your price so it’s in line with the market’s perception. There’s a right price and a right buyer for every home, but to find them, you need to discover how the market values your property. The buyers determine what your house is truly worth.


If you have any questions or would like more information, feel free to reach out to me. I look forward to hearing from you soon.

 
The Mandel Team at Re/Max
Andy Mandell
9615 Westview Drive
Coral Springs, FL 33076
954-610-0563

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