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When Do I Consider Lowering the Asking Price?

February 12, 2016 by · Leave a Comment 

When Is The Right Time To Reduce The Price


Should you consider a price reduction to match the competition?










All homeowners must set an asking price when listing their homes for sale in Pawleys Island, but what happens when you don’t receive any offers?  Just as it’s important to know when it’s time to sell, it’s important to recognize the right time to reduce the price.  Here are some considerations from Pawleys Island Real Estate.


Supply & Demand 


If a lot of homes are currently listed on the market or your home is overpriced, it may be time to consider a price reduction if you hope to stay competitive.  If five different stores sold your favorite soda, what would motivate you to buy from one over the others?  If you are like most, the cost would be a leading factor.  The same is true with home buyers, who are looking to get the best value for their dollar with real estate in Pawleys Island.  


Hurry Up & Wait 


Think you are in the fast lane, but going nowhere?










If your home has been listed on the market for what is considered to be a lengthy time for your area, it may be time to consider a price reduction.  This is especially true if you are in a hurry to sell, which may be the case if you are planning to purchase another house upon selling yours.  In some cases, a homeowner will make an offer on another house and that offer will be contingent upon selling their current home.  When this happens, the homeowner is likely to be in a hurry to sell so that they can honor the terms of their new agreement before it expires.  Real estate can often be a waiting game, but sometimes it may be necessary to hurry up the process, through a price reduction, if you need to complete the sale. 


Market Value Fluctuations 


Stay consistent with market fluctuation, your real estate agent will advise when market conditions should warrant a price change.











We all know how the market fluctuates.  If you own real estate, property values in Pawleys Island can go up one year and fall the next.  If your house is currently listed and the property values have fallen, you may want to consider reducing the price in order to remain in the running with potential home buyers.  If your house is priced far above market value, most lenders would refuse to approve a loan for your asking price.  Having an appraisal would be one way to know how much your home is worth. 


Your Realtor Recommendations


If you’ve hired a realtor, you obviously trust him/her to guide you through the process of selling your home.  If your realtor suggests a price reduction, it may be in your best interest to consider it.  Nobody knows the business like a real estate agent.  They know what buyers want and, in most cases, what they are willing to pay.  If you’ve trusted Melissa enough to hire her, trust her enough to value her opinion. Take the time to speak with Melissa, your Pawleys Island real estate agent,today! 


Melissa Keller

Realtor in Pawleys Island

Pawleys Island Real Estate

Pawleys Island Real Estate

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Pawleys Island Real Estate Homes