When to reduce your sales price?

Today we’re going to be discussing, when do you adjust your price down when you’re selling your house and why should you, or need to adjust your price down?Before we begin, If you are looking to buy a house, feel free to browse our website for all the most recent updated inventory in town. And if you’re looking to sell, feel free to click on the free home evaluation button and we will give you a detailed report of what your home worth just to give you a good idea. When do you adjust the selling price down as a seller? And why should you adjust it? In the recent few weeks, one month or so, Las Vegas market had cooled off little bit. It’s still a strong sellers market. However, about two, three months ago, we only had 1600 houses for sale. As of yesterday, we had 2700 houses for sale. It is cooling down a little bit and we are seeing more sellers adjusting their price down. Why should anyone reduce the sales price? The main reason and the only reason is to adjust the price down in order to get more buyers attention, and for them to choose your house over the competition. If the house has sat on the market for a few weeks and you haven’t received any offers, that’s a clear indication. The market will be telling you that you’re overpriced and it’s time to adjust based on the market, and based on the exposure you are getting on the traffic you are seeing in your house. So that’s the main reason is we do adjustments to attract more buyers and to get the buyer to buy your house over the competition. Why should you consider reducing the price? If you don’t get any showings within the first 10, 20 days, that’s a clear indication that your house is really overpriced compared to the other houses in the area. Therefore, people don’t even bother wanting to come and look at your house. In this case, when you don’t get any showings, we suggest you be very aggressive with your price drop. At least 10% or more to get people’s attention, and to attract more traffic to your house. On the other hand, if you are getting a lot of traffic, about 10 to 15 showings within the first 10 to 20 days, when your house hits the market, and you don’t receive any offers, That’s mainly what it means when the buyers’ showing up to the house, the house is not selling itself to these clients. Therefore, these clients are going and looking at other houses and buying the other properties that’s on the market. In this case, you would only have to adjust your price down a little bit 2% up to 5% and you will get an offer right away.