the JUNE Luxury Real Estate Panel A panel of our PREMIER luxury San Diego Real Estate professionals answer the question, When is the right time to consider a price reduction?
The Luxury Panel is a rotating group of San Diego’s top Real Estate professionals who specialize in the luxury market sharing their expertise on hot topics and home buyer & seller questions.
When is the right time to consider a price reduction?
“Price reductions should be considered before putting your home on themarket. The pricing strategy (including adjustments over time) should be set after considering the market, competition, and goals of the Seller – always combined with great staging, photography and videography, a property website for Internet marketing, and a coordinated market launch. With inventory low, I have been selling above the comps. It is worth testing the waters at a higher price before adjusting!”
PS Platinum Properties firstname.lastname@example.org
“If a property is offered for sale for a substantial time period and it cannot attract a Buyer, or if offers are made and they are consistently low, you should consider lowering the price. Of course, the decision rests with the Seller and hopefully, they would accept the advice of an experienced agent. It is our responsibility to provide sufficient data, comps, market conditions, etc., to allow the Seller to feel comfortable with the decision.”
Peter & Judy Corrente >>>>>
Pacific Sotheby’s International Realty email@example.com
“Every home will sell if the price is right. Realize your agent is your business partner, not your adversary, so respect their market expertise. Today’s luxury home buyers are more value conscious than ever, therefore, price adjustments are essential if no offers are received after 60 to 90 days of marketing or after 20 showings. Sellers who select a realistic list price from the beginning are always the winners !”
<<<<Kerry & Scott Appleby, Willis Allen Real Estate
“It is time for a price reduction when we have exhausted all of the tools at our disposal to expose the property and still not received an offer or property attention.”
Pacific Sotheby’s International Realty