Home home price reduction strategy
Is your home not selling? Maybe its priced too high? Thats what I am going to talk about right now.
As you know the Vancouver market has just shifted from a sellers market to a buyers market. In a sellers market you would price your home at or above the most recent sold. But when we are in a buyers market the opposite should be in effect. When the markets shift so should your pricing strategy. Pricing your home is pivotal to your home selling success. In this video I talk about the strategy I would use to reduce your homes price.
First Ask yourself the following 4 questions.
#1. How long have your been on the market? You should be getting your most amount of viewing activity within the first 2 weeks of your property being available. In most cases if it is priced properly it would have already been sold. If your home has been on the market for over 3 months without any changes you will be risking that your property will look stale in the eyes of the buyers.
#2. How many viewings are you currently getting per week? On a well priced property on average your realtor should be showing your property about 3 times minimum per week. The realtor should also be getting about 10 inquiries per week.
#3 How does your homes price really compare to your competition? Did you price your home based on recently sold comparable properties, or what the current active properties are sitting at? Remember, buying in addition to selling is competitive. Especially when down the street there is a similar home on the market for much less. Your neighbourhood and home type may only yield a few buyers per month. So its essential to price your home to beat out your competition.
#4 How bad do you really need to sell? Markets are always up or down. Only you will know if its truly the right time in your life to sell. Remember you can never time the real estate market. When markets begin to fall they can fall really fast.
So now what?? whats the prescription to your home pricing headache? If your home is priced under $1 million I would recommend that you do price reduction increments of $50,000 per week until you get 3-5 viewings per week. On homes over 1 million the price reduction would be $100k per week. Remember during a falling market you need to beat out your neighbours and sell fast.
There you have it the price reduction strategy I would use if you decided it was time to finally sell your home . If you have any questions please reach out to me. If you are thinking of selling view my playlist of videos here or reach out to my for a home evaluation.
Question of the day, would you consider using your reducing the price of your home? Yes or No Please leave it in the comments below. I will try my best to personally answer all comments myself.
As always please like, share and subscribe and become smart savvy consumer. I make educational videos every Tuesday and videos every Friday. This is Alex from Vancouver and Thank you so much for watching this video eh?