Overpriced Listings and When to Reduce Them

Dated: April 13 2021

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The worst case scenario that could happen when selling your home is your listing becoming stale. Most buyers check out how long the property has been on the market. It is very common that buyers tend to offer lower prices for properties that have been on the market for quite some time. The current market is vital to sellers because it is to their advantage. However, when you sell a property, you must understand that your asking price may not be the amount you’ll end up getting especially in the current market. 

 

When would be the best time to reduce the listing price? Without any offers or showing appointments for the listing, the recommended time frame to reduce the price would be 14 days after the property hits the market. For the first few days on the market, the listing should almost always have a few takers that would be interested in seeing the property or placing an offer on it. The first 21 days of the listing on the market in this current market is the most crucial, as this timeframe is when most buyers are eyeing the property. This is also when realtors are hot on marketing the property on different platforms. 

 

The timeframes aforementioned is especially important in Prescott due to the fact that more and more people are relocating to the Prescott area. Prescott has become so in demand that it has become an A-list area in the housing market. For this reason, some of our listings have been receiving offers a couple of hours after it goes on the market. This just goes to show that properties in Prescott are chic and have caught the attention of buyers from across the country. 

                               

With that being said, if the listing has not been receiving any interest from buyers within the first few days or weeks, then it might be high time to revisit the price and the property details to see what might be the issue. Buyers may think that the listing price is too high for what the property has to offer. Sellers always have a price in mind. It would be amazing if they are able to sell at that price, but it might not always be the case. 

This is the reason why The Stephanie Woods Team always recommends a current market analysis for potential sellers. It factors in current market value, comparable properties in the area, as well as any remodeling or issues within the property. A CMA will give you as a seller a realistic view of the property’s listing price. We will definitely give you an accurate home valuation report for your home. Don’t hesitate, give us a call, so we can send you an up-to-date CMA report. Our agents service not only the Prescott area but all of Yavapai County. Please feel free to check out our online Google reviews. The Stephanie Woods Team at Better Homes and Gardens Real Estate BloomTree Realty 928-237-4455 prescottazhomefinder.com. Stephanie Woods is happy to have her team help. 

 

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