If you have low activity or showings, don’t panic. Sometimes the market does take a little longer to have that correct buyer come along. Best thing to do is keep yourself educated on values. Pull those comparables often as you did in the very beginning. There’s no limit to how many times you can do this, it will become a learned skill set. If your listing price is right within the range of other homes selling, stay firm. Share your listing on social media, share in groups, facebook marketplace, little things to reach as many people as possible. If and when you do decide to lower your price, do so in increments. Always remember how a buyer is conducting their own search at specific milestones. Prices up to $600k, up to $650k, up to $700k and so on. So if you’re listed at $659k, the same buyers will be seeing your home at $655k and that usually won’t cause them to pull the trigger for a small price adjustment. You make a $10k, or even $20k price adjustment, that resets the sense of urgency timer in all buyers minds because now there’s more buyers potentially interested, which results in more of a chance of losing the opportunity on the home, thus creating offers. And lastly, don’t reduce in overly large increments of $50k+ if there are comparables that justify your listing. Lower in increments, start with $25k, gauge your interest, if there’s no spike, then adjust another $25k for that full $50k. However, if you lower your price $50k and you receive offers, you’ll never know if those same offers could have come in at $25k higher.
