How much should I reduce my Listing Price?
Ranges by $5,000
Look at the picture attached to this blog. What do you see? You see a range established by the searcher. In Zillow you are able to choose your range, in other sites the range is usually between $5,000s. This is an important number when listing properties in Texas. It is usually the range of pricing that is searched for in different websites. But even in Zillow, people tend to search at a minimum by $5,000s.
Make a Difference with your Reduction
This is also the hint that tells you the amount of reduction. If your home is $180,000, and you reduce it by $2000. Your listing will be at the same exact range of $175,000 and $180,000. This means that your reduction has not really made a difference. It will generate a call for attention through MLS and other agents, but not in the public listing sites.
Reductions could be made by an Appraiser
Also, remember the video blog on Days on Market , an Appraiser may look at your DOM and dictate a price reduction through the next appraisal. This is why sellers should always consider price reductions that reflect your current DOM. That is usually $5,000 to $10,000 for every 30 DOM. This does vary according to square footage and location of the property.
Hope this blog brings value to you.
Will Puente, MBA
Broker of Expert Way Realty, LLC.