Imagine this… you have been studying the market during the best market for sellers anyone has ever seen in the history of the world. At least, that’s your interpretation due to all the prices you see in terms of closings in your building and neighborhood. You travel during the summer and then decide to list in the Fall. You wait, and then you wait a little bit more, and the property finally goes on the market. It’s priced for the market you’ve been watching, but nobody is coming, and you don’t understand why. Now that your broker wants a price drop, you dig your heels in and say no. Is that the best option? Today we are talking about price drops, why and when to do them, and how they can help you sell your property if that’s your goal.

Pricing is both a science and an art. If you have to drop a price, that is not easy either. Emotionally it can be hard to admit your property is not going to sell for what you wanted, but also how much you should drop it and how quickly it will sell after the drop. If you are considering a price drop, you should not only focus on what the new price will be but also on why you want to sell. Your motivation for selling might make it easier for you to stomach the price drop, and if you drop it to the right price, it will encourage offers.

Any other questions? Reach out to us at www.therealestatebroadsofnewyork.com, or you can email us at deniseandsharon@compass.com.

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