Published on June 16th, 2008
When should I reduce the price?Receiving no offers for a property (after a reasonable marketing period) is generally a clear indication that the property is priced will beyond its selling price. The asking price should be reduced without delay.
Buyers are attracted to a property by a combination two factors.
– the appeal of the property itself
– its asking price
If the asking price is too high many potential buyers may not even bother to look.
Time in the market is a valuable asset. The more time you spend in the wrong price range means the less time you have left to spend in the right price range where the buyers really are. The result is you have less hance to achieve the highest price because the buyer has probably move on to another property.
Pricing is an important factor and requires careful consideration and constant assessment. Anyone can put a high price on a property but it is the rare seller who actually achieves the highest price.