“Marjorie, our home has only been on the market for five days. Shouldn’t we wait to a little longer before we reduce the price?”
That’s the question I’ll tackle in this segment of “What’s Working Now Tuesday at 2.” Thanks for joining me!
About a week ago, I listed a property after looking at neighborhood comparables and we came to a price that we felt was right on target with homes that were selling in the area. After pricing it, we went to work: We plugged it into the MLS, sent it out to 3,000 agents and 2,000 prospects, and posted the sign.
These were the key ingredients to generating a buzz, but after five days, our seller hadn’t received a single call. Here I was with a hot new listing in a hot neighborhood with no activity to show for it. That weekend, we held an open house with some heavy traffic, but puzzlingly, no one asked questions or called me back. I even asked some agents for feedback; all to no avail.
It was then that we made the decision to drop the price by $100,000 to prevent it from languishing on the market for weeks on end with no showings or interest. We made the price drop known across our advertising, and sure enough, calls started pouring in from agents who couldn’t wait to show it to their buyers.
Now, the home is receiving the buzz it deserves and we’re holding an open house for it this weekend!
If you have any questions or are curious about any of my weekend open houses, please give me a call at 240-731-8079. I’d love to have a conversation with you! Join me again next week for another edition of “What’s Working Now Tuesday at 2”!
Buyers & sellers love it!
Go to: DCHomeBlog.com/videos