My priority as a Real Estate Agent is to help my clients achieve their goals, whether it is getting my sellers the highest price possible for their homes, helping them to sell their home quickly, or ideally both. This is why setting the right asking price is essential. But even if your home is priced accurately, it can sometimes sit on the market. At times like this, a real estate professional will want to take stock of the current market as well as your home and might suggest making some changes. One strategy might be to consider reducing the price. There is no cut and dry, clear answer on exactly when to make a price reduction (sometimes called price improvement or price adjustment). This is why you should have these discussions in detail with your agent. But here is my experience and advice regarding when to reduce the price of your Boulder home.
Marketing Strategies to Consider Before Price Reduction
Making sure your Boulder home is in the best possible condition to sell is key in this fast-moving market. As your Realtor, I will advise you on marketing strategies that we can use to make your home sell for top dollar. Having your Boulder home staged and having those eye-catching pictures can be a good marketing tip to sell quickly. Homes that are staged tend to sell for more and often quicker than unstaged homes. Check out my blog post I wrote on staging your home for spring in Boulder for more tips. Making sure your listing looks perfect online is another useful marketing strategy.
I will have your home listed on the MLS and looking as attractive as possible with high quality photography and a well-written listing description that will highlight your home’s best features. However, if we have looked and gone over all these strategies together but still aren’t receiving the offers we’re wanting, we might need to start considering reducing the price.
Pricing Your Home Correctly- When To Reduce The Price Of Your Boulder Home
Because I put out a monthly market report, I always have a good idea of how the market is doing in Boulder and the surrounding areas. This, combined with the information gathered about comps in your specific location, help me price your home accurately. Sometimes sellers wish to start out higher than I suggest to test the market. In cases such as this, I discuss a plan with them to reduce the price within a certain timeline if we don’t receive the offers we’re looking for. There are cases in which we price the home right however, and it still sits on the market for longer than expected. In cases like these, we will want to take another look at the market and updated comps to make sure the price is still right. We will also want to review the feedback given by buyers who have toured the home to see if there is anything else that needs to be addressed and to make sure the home is presented well.
How to Go About a Price Reduction
Once you’ve come to the decision to reduce the price, my advice is to act quickly. A listing is most active in terms of showings and open houses in the first few weeks, and you don’t want to lose that momentum. Once you have decided to adjust the listing price, you need to decide how much to reduce the list price by. There are two options here. One is to lower the price by a small amount to refresh your listing on the MLS. If you do this, you might need to lower the price several times which can come across to buyers like you are “chasing the market” and could lead to lowball offers and longer time on the market.
The other option and my preferred strategy for price reductions is to reduce the price of your home at a competitive rate and never have to reduce the price further. To do this, your real estate agent will need to research the current market and see how your home stacks up against homes in your area and make a recommendation. You can then choose to make a significant reduction based on the data. This one price reduction can be what attracts buyers to your home. It can also be especially helpful if you already had an interested buyer who thought your home was just a little above their price point.
How Can I Help You?
If you are needing my guidance on selling your home in Boulder or the surrounding areas, please reach out to me! Or if your needing guidance on When To Reduce The Price Of Your Boulder Home. As we start this new year, I want my clients to know I am here for them. I am still keeping social distancing guidelines when it comes to showings for my listed properties as well as taking the utmost care when showing my buyers homes.
If you have any questions or concerns, please feel free to reach out and contact me! I will continue to provide my clients with interesting and up-to-date information so they can make informed decisions. If you are planning on buying or selling a home in the near future and you think that my expertise and positive attitude might be of service to you don’t hesitate to reach out and contact me!
If you would you like more information about the Boulder area or the real estate market specifically, click here to download my current market report on the area or visit this link – http://elisabethnelsonrealestate.com/market-report-newsletter/
Luxury Home Specialist & New Home Specialist
Coldwell Banker Realty
(303) 916 5859