To reduce or not reduce. That is the question.
And I bet they were asking the same question back in Shakespeare's Hamlet days.
People and times 
have certainly changed since Shakespeare's time but the big question many sellers have is, "When do I do a price reduction?" and the next natural question, "How much should I reduce the price?" As a Realtor, it is my personal observation that it is the one recommendation that seems to create way too much tension. So, in an effort to help make "price adjustments" more logical and less emotional, I have the following 6 comments that may help.
IT IS TIME TO DO A PRICE REDUCTION WHEN...
1) When you want to increase the number of showings you are getting. The more people who come to see your home the greater chance you will have in getting an offer to purchase your property.
2) When the competition's asking price is similar or lower than your home's asking price. (Keeping in mind comparable size, location, upgrades, etc.)
3) When you are on very tight time line and you absolutely must sell fast. Reducing the price will create a fast sale, hands down.
4) When you have tried everything else such as, a) Staging and beautifying the home, b) Aggressive Advertising, and c) Open Houses, it is time to try a Price Reduction.
5) When the price of your home falls on an awkward number such as $355,000. My husband and I call it "the break point". When buyers do searches for homes they often search for properties that fall between 2 numbers. For example, $100,000 - $125,000 or $300,000 - $350,000. A home priced at $355,000 will get less showings than the home priced at $350,000. A $5,000 price reduction may have a much larger impact if it pushes you into a new "break point".
6) When you need an excuse to remind people that your listing is still available. In our Philadelphia Real Estate practice, our MLS highlights the listings that have price changes. The Realtors who do automatic searches for their clients who are looking in your neighborhood will have your listing pop back up on their radar screen. We also use a professional appointment service and when a price adjustment occurs, we do a "listing alert" to all of the Realtors who have shown that property. We say "Guess what? We lowered the price!" It is a great tool.
So, here are 6 reasons why it may be time to do a price adjustment. An informed consumer is a powerful consumer. With your Realtor's help, you can make the most informed decision.
You may also like our blog post called The 4 Reasons Why Homes Do not Sell.
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