| by Kenneth Chase | No comments

What’s the Best Home Price Reduction Strategy? (2019) | Hauseit®

It’s not easy having to admit that you might
have overpriced your listing. What’s the best strategy to reduce your
home price without making you look like a desperate seller? List Just Below Major Price Thresholds If you’re going to reduce your price, make
sure it counts by setting the new price just below key search thresholds. For example, if you’re thinking of reducing
your price from $1,050,000, why not reduce it to $999,999? Not only will this capture all the buyers
searching for properties within a $1 million budget, but you’ll also capture those buyers
who are searching for properties under $1 million because they don’t want to pay the
NYC Mansion Tax. Underprice Your Neighbors A killer home price reduction strategy is
to set your new listing price just below that of your neighbors’ properties on the market. For example, is the apartment of the same
line and layout as yours on the floor above being listed for $3,100,000? Then reduce your price to $2,999,999 to undercut
them and hog all the attention from buyers looking in your building. Reduce Price Earlier Rather than Later If you’re going to reduce your price, it’s
always better to do it earlier rather than later in the sale process. If you do it early on in your sale, people
might just assume that you changed your mind or perhaps even made a mistake in your initial
listing price. However, if you reduce your price late in
the game, people will assume that you priced way too high and aren’t getting any traction. Furthermore, vulture investors will assume
that you have no other offers and are desperate to sell and normal buyers might assume that
there’s something wrong with your apartment. After all, if it’s a good deal why hasn’t
anyone else snagged it yet? Plan on Making a Major Price Reduction This is a particularly bold home price reduction
strategy where the seller sets an initial listing price that they know is way too high,
with the intention of reducing the price massively within a few days of listing it. Often times, this can produce a frenzy of
action as buyers will be drawn to the dramatic discount being offered, and the listing is
fresh enough where buyers and their agents assume that the
listing must still be available. Re-List with a Different Broker
A great home price reduction strategy is to lower your price, but to do so with a different
real estate broker. A huge benefit of this method is that your
listing’s day count will reset since it’s being listed by a different broker, and it
will generally appear as a new listing. Re-List with a Different Apartment Number A great home price reduction strategy is to
lower the price in conjunction with re-listing your apartment with a slightly different variation
of your unit number. For example, if you are selling unit #3 in
your building, you can re-list your apartment as unit “APT3” which will cause it to
reset as a fresh listing on many public search websites. Re-List with Different Photos and Description The best home price reduction strategy involves
going all out and re-listing with a different broker or a different apartment number to
reset the day count, plus getting new professional photographs taken and posting a new listing
description. Interested in learning more about how you
can save up to all 6% in broker commissions when you sell? Check us out at www.hauseit.com today!

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