Selling your CT home…is it time for a price reduction? - Reid Real Estate Group
August 28, 2017

Selling your CT home…is it time for a price reduction?

The goal of any home sale is to get on market showing right, and priced just right for the very best odds at a quick and most profitable home sale!  It can be very disappointing to not receive the expected market reaction, but a quick redirection can get you back on track!

I always advise my clients with the same general  time frame….if 2-4 weeks have passed with no offers, it is time to revisit pricing. 

There are other things to take into consideration prior, such as…

Does the home show well? 

If there is a lot of activity, but feedback all points towards something that can be changed (such as…wallpaper, cluttered kitchen, etc), it will likely be less costly to remedy the offending issue than to reduce the price. Consider making the improvement. However if the issue is one that cannot be changed (such as a busy street), a price reduction is the only way to accommodate.

Is the property well marketed?  Buyers find homes to view online. Is the property well presented on the internet and social media? Was the home well prepared and staged? Are there plenty of beautiful professional photos for buyers to view to entice them to make an appointment? If you can’t entice them online, they will never come through the door.

Is the home being made available to show easily? Is every effort being made to accommodate showings? Unreasonable showing time restrictions deter buyers who are unlikely to reschedule a request. Also, no one should be present for the showing except the buyers and their agent. It is best if neither the sellers, the sellers agent or the sellers pets are present.

If you have considered these three possible reasons and none is the culprit….there is only one remedy…to reduce the price of the home. It has been my professional experience that 2-4 weeks is plenty of time to determine how realistic your asking price is as your first 30 days on market is your window of opportunity to attract the highest paying buyer!

Last Updated on August 16, 2018 by Minna Reid

Minna Reid

Minna Reid is The Broker - Owner of Reid Real Estate Group. Reid Real Estate Group is a full-service Connecticut residential real estate brokerage, specializing in helping homeowners with legal and financial challenges including short sales, probate sales and tax lien complications.

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