Is your listing failing to attract attention? If so, it might be time to consider a price reduction.
When is this step necessary? If the listing has been fully prepared, exposed and marketed for a reasonable period – usually a matter of weeks – and you haven't received any acceptable offers, you may want to consider a reduction. It's possible that market conditions have shifted, or perhaps your seller wanted to try the listing at a higher price than what was actually justified. In any event, you may have now concluded that the listing is overpriced.
Plan on a direct meeting with your seller to review your marketing plan as well as response and feedback from buyers and brokers, as well as options for going forward to get the property sold. Remember, the decision is always up to the seller.
Topics you may want to review include your marketing campaign to date, changes in market conditions and trends, changes in market inventory and timing issues. Take some time and make sure you're on the right track.
Dreaming of San Francisco? Cece Blase offers local advice to San Francisco buyers, sellers and owners-- and feeds the dreams of those who wish they could live in Tony Bennett's 'City by the Bay.' Call 415-577-0809 or email firstname.lastname@example.org. www.ceceblase.com