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Time to reduce the price on your home?

just-reduced-sign

During the 2013 Real Estate Market, many sellers have been faced with the possibility of having to reduce the prices on their homes because their homes have stayed on the market for 30 days or longer.

Almost every real estate agent will have the price reduction conversation with their client, when the first list their clients home, but no homeowner is really ever prepared to drop their asking price, but the reality is that if a price reduction is needed, the homeowner shouldn’t think of it as a price reduction, they should look at it positively as “re-positioning” their home for sale on the current real estate market.

How Buyers See Price Reductions

Almost every buyer has a different mentality when it comes to price reductions but, the most common way that a buyer will review a price reduction is of the seller being a “motivated seller” regardless if the homeowner is just testing the market because their home has been considered to be overpriced or not.

What Not To Say

Lowering the asking price for a home will draw more attention from buyers in the area but, one common mistake that homeowners make when lowering the asking price for their homes is letting their Realtor tell the potential home buyer why they are lowering their asking price, especially if the homeowner is going down on price because: they had a financial hardship, divorce, are relocating or are planning on short selling their home.

Life Happens, But…

Every homeowner at one point or another will encounter a financial hardship due to life but, the homeowner should make sure that they don’t state their reason for wanting to sell their home if their reason is due to financial hardship, that might paint a negative picture in the mind of the buyer and make them think that the seller is not able to meet their financial commitments when selling their home.

Neutralization Strategy

One common strategy that many Realtor’s will use to attract the interest of more home buyers in the area for their clients home is to start following the advice, comments or feedback of previous buyers who have been to the open house for the home that they’re trying to sell.

If your Realtor has given you comments, or feedback, from previous open houses, it’s time to consider following those comments or recommendations because, making one simple tweak to a home like painting a room or removing decorations can help to generate interest in a home and get it sold.

For more information on how to generate more interest in your home if it’s been on the market for 30 days or longer, or to view the latest in Oregon homes for sale, contact me today for a free consultation by calling me at:  (541) 383-1426. 

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