When should you lower your listing price?

Price reductions aren’t always a bad thing. In fact, they can be a smart strategy to get your home sold faster and for more in the long run. But how do you know when it’s time to adjust?

First of all, if you’re listing your home with me, pricing your home right from the start is something I take very seriously! But, a reduction is something that we’ll discuss throughout the listing period to if it seems like the right move for your specific property.

In general though, here are a few signs it might be worth re-evaluating:

You’re getting showings but no offers. If buyers are coming to see the home but walking away, it could be a signal that your home is priced just outside of what feels like a good deal to them.

You’ve had little to no interest after a significant time on the market. In a market like ours, demand fluctuates and it's not uncommon for properties to be on the market for months at a time. However, if you’re not seeing activity after the expected amount of time, your price may be the reason.

Similar homes are selling and yours isn’t. This is not a definitive answer, but we keep a close eye on comparables. If similar properties are moving and yours is sitting, that’s a red flag.

You listed above what the market supports. Even in a competitive area like Bear Lake, overpricing can cause a home to go stale. A small price adjustment can reignite interest and bring the right buyers through the door. This is why it’s key to price right from the start, and avoid the hassle!