"Deciding to sell your home is a big step, and setting the right price is crucial. But what happens when your home isn't getting the attention you hoped for? In these cases, it might be time to consider a real estate price reduction. As you prepare to sell your home in or Salt Lake City , this Redfin real estate guide will help you understand when and why lowering your home's price can be a smart move, ensuring a successful sale."
"Recognizing the signals that indicate a price reduction is needed can save you time and stress. Some common changes are: Lack of interest: If your home has been on the market for a few weeks with minimal showings or inquiries, it's a strong indicator that the price might be too high. Buyers often scroll past listings that seem overpriced compared to similar properties."
"No offers: Even if you're getting showings, a complete absence of offers suggests that potential buyers are not seeing the value at the current price. They might be waiting for a price drop or looking elsewhere. Negative feedback on price: Sometimes, realtors or potential buyers will subtly (or not so subtly) hint that your home is overpriced. Pay close attention to this feedback, as it's a direct reflection of market perception."
"Longer days on market (DOM): If your home's days on market are significantly higher than comparable homes in your area, it signals to buyers that something might be an issue, often leading to lower offers or continued lack of interest. Market changes: The real estate market changes. Interest rate hikes, an increase in inventory, or a general slowdown in buyer activity can all influence a real estate price adjustment to remain competitive."
Setting the right price is crucial when selling a home. Low interest and minimal showings over several weeks indicate the price may be too high and cause buyers to skip the listing. A lack of offers despite showings signals that buyers do not see sufficient value at the current price. Direct feedback from realtors or buyers that the price is too high should be taken seriously. A significantly longer days-on-market than comparable homes often deters buyers and leads to lower offers. Market changes such as rising interest rates, more inventory, or slower buyer activity can require a price adjustment. New comparable listings at lower prices make competitiveness essential.
Read at Redfin | Real Estate Tips for Home Buying, Selling & More
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