Deciding when to drop the listing price of your Bedford Home for sale is difficult because it depends on the many factors and not just the Bedford market. There’s no one formula that will work across the board. However, there are guidelines that we use for most homes in Bedford. Here are a few standards.
When the feedback says “It’s too high!”
If the Bedford agents and buyers are coming back with pricing suggestions or verbal offers, and those are in line with the comps your priced above, then you’re priced to high. That’s the point you should drop the price. Don’t wait for “the perfect buyer” to come along – it’ll never happen. You’ll increase the chances of a sale by dropping it immediately.
When you haven’t had a showing in 30 days
With the exception of open houses, which don’t count, if you haven’t had a call to either preview with an agent or show a client. The National Association of Realtors says 10 days without a showing means to lower the price. Bedford is a little slower than the rest of the market. But 30 days without a showing means something needs to change. Regardless of the price range, if you’re not getting at least one showing a month, the price is too high. If it’s priced right, you should be getting a lot more showings. How much to drop depends on the property but drop it enough to get showings.
When a similar property sells for less
If a property in the same market that is a good comp sells for less than your asking price, drop the list price to capture buyers who were looking at that other property. If you want a little negotiating room, fine, but come to within 2% of the other listing price as soon as that home goes to “pending sale” status.
When the last price drop was 90 or more days ago
If the last price reduction was 90 or more days ago and you don’t have a serious buyer on the hook, drop the price. Even if a buyer is considering the property, drop the price. Dropping the price will engage more buyers and existing potential buyers will be motivated to write an offer before someone else does. I’ve seen sellers sit on properties for months while potential buyers make up their mind. The result: wasted time and opportunities.
Lets face it, the longer a takes a home to sell the less money the owners will get. Meanwhile they have to maintain the house, make payments, do upkeep, keep it in show able condition. Further eating away equity. Price it right to begin with and the home will sell!