If you’re buying or selling a house, chances are good that you’re watching prices of comparable homes or keeping a list of homes you’ve visited before.
Suddenly, you notice the price drops. Does this mean that there is something wrong with it? Is this the right time to make a lower offer on the house? Is it ever a good idea to lower the price of your home? So, what does it mean when a seller reduces a house’s price?
First, let’s start with lowering the price when selling your house.
If you’ve had your home on the market for a while, and you have lots of viewings, but no offers yet, it could be a good indication that the house is priced above what the market is willing to spend. You can wait for the market to catch up, or you can lower the price to ensure a quicker sale. Also, when you drop the price of your home, you open up the market to an entirely new group of interested home buyers. This could give you the edge you need for competition to purchase your home.
Next, let’s talk about the perception of a price decrease from a home buyer’s perspective.
Most of the time this is NOT an indication that there is a problem with the house or seller. They are just adjusting to what the market says. The house could be in pristine shape, with all the benefits you are looking for. Don’t avoid looking at home just because the price has dropped. Also, don’t think that you can walk in right after a price drop and give them a low offer. If the price decreases, it doesn’t mean that the seller is desperate to unload their home, they are just trying to open the interest in their home to a larger group of people.
Whether you’re looking to buy or sell a home, contact the agents at Robinson and Co Realty to get the most dedicated team to help you.