Why You May Need a Price Reduction on your WNY home

Posted by Colleen Kulikowski, Licensed Real Estate Salesperson (716) 650-0051 on Sep 22, 2011 in For Sale By Owner, Home Seller Resources, Lancaster Homes, Real Estate News | Comments Off

Price reductions are emotional decisions for many Western New York home sellers. A price reduction may be the thing to get your home for sale a SOLD sign on it. Western New York Buyers have many options and price is usually the thing that will stop them from looking at your home, much less even making an offer.

Read Also: Deciding on what to offer on the home you want to purchase…

Western New York home owners often forget that they really need to look at the pricing of their home objectively. Too often home sellers have all their emotions involved and cannot understand why nobody sees their home as valuable as they do.

Many times home sellers look at me to price their home correctly on the outset. What the home seller forgets, they select the price, I just give them information to make that informed decision. It is recently that I have turned down over priced listings. But even if I price the home correctly at the time of the listing 30 or 60 days later conditions could be different. A home could close lower than the compatibles that I used to select a price range for you. A sale like this will affect an appraisal of your home. WNY Buyers are educated today, they know this and will take that into consideration when they make offers.

Read Also: Is your Buffalo Realtor® telling you what you need to hear or what you want to hear?

Is it time for a price reduction?

Here are some guidelines that it might be time to have a price reduction on your Western New York home:

• No showings over two weeks
• Many showings and no offers
• Sellers wanting to move on
• Absorption rate for homes increasing
• an increase inventory and no reduction in the number of homes for sale

Read Also: How to get a Real Estate deal!

Is it time to reduce your home’s price? If you have your home on the market, and you do not have to sell you might want to ask yourself if you can hold until the market is ready for the price you want for your Western New York home. If you want to sell your home in this competitive market, it boils down to the most basic of factors that will drive the sale of your home — and that is price.

You don’t have to do it alone. If you are thinking of selling your WNY Home, call me today at (716) 650-0051 or fill out the request below for a free Comparative Market Analysis of your Western New York home.