How to Make Price Reductions Work for You in a Tight Market

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One of the toughest times for home sellers is a tight market. It is a time when the creative juices of sellers and their agents flow just to make their property more interesting and appealing to prospective buyers. The moment you lower down your asking price, potential buyers will begin to think that the home comes with some problems. So how should you go about it? Here are some tips that will make price reductions work to your advantage in the middle of a tight market.

Your reason should be valid – First and foremost, you need to be honest and upfront when explaining to your clients the true reason behind your decision to sell your Boca Raton real estate property. If there is a family emergency that pushes you to sell your home, tell your prospective buyers about it. Your sincerity will work towards your advantage and will shift their attention to your house instead of your issues.

Let them know it’s a sacrifice sale – Another effective way of explaining the reason behind a price reduction is that you are making a sacrifice sale. Keep in mind that people, and home buyers, in particular, are easily attracted to discounted properties. If they know that you are making a sacrifice sale, there is a chance that the tide will turn to your advantage.

 

Don’t be afraid to disclose the truth – When it comes to the current condition of your house, don’t be afraid to disclose the real deal based on what the home inspection report is saying. Let them know that one of the main reasons what you are reducing the price is to compensate for the repair costs that will be shouldered by the winning buyer. Furthermore, doing so will likely attract investors who are into fixer-uppers. These people have the money to renovate and refurbish houses, which they eventually sell at higher prices. Consult with your Boca Raton real estate agent if you have questions.

Price with the main intent of selling – Lastly, you should put a price on your property with the main intention of selling. This means that you should never fall for the trap of overpricing your home’s asking price. Some home sellers do so, thinking and hoping that there will be buyers who will fall for their bait. In turn, they only end up with no takers and seeing their home sitting on the market much longer than they intended it to be.

In such cases, a price reduction will work with the mindset that your priority is to sell, and not to make more money.