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Would a $5K or $10K reduction really make a difference? Does it really grab the buyer's eye? Does it help when ppl are doing a search on realtor.com b/c the price would fall into another price range?
It depends on a lot of factors.. personally, I think you'd need to be talking about a list price of less than $50,000 for a $5k reduction to matter.
Just based on what I have seen - I've seen houses drop from $200k to $190k, that I thought needed to be at $150k - in those cases $10k is peanuts, since they had it priced too high to begin with. Others I have seen at $175k, and I would percieve a drop to $165k to be substantial. My opinion is that it just depends on how competitive the original price was, and how much of a % drop that $10k or $5k represents.
It depends on a lot of factors.. personally, I think you'd need to be talking about a list price of less than $50,000 for a $5k reduction to matter.
Just based on what I have seen - I've seen houses drop from $200k to $190k, that I thought needed to be at $150k - in those cases $10k is peanuts, since they had it priced too high to begin with. Others I have seen at $175k, and I would percieve a drop to $165k to be substantial. My opinion is that it just depends on how competitive the original price was, and how much of a % drop that $10k or $5k represents.
My price was competative about 3-4 months ago, but now it seems things have dropped a slight bit. The houses that have been listed as long as mine, if not longer are still the same price. Not sure if any have sold either. It's the new listings that seem a bit lower. The difference is those house may have more sq ft, but are old.(1970's) My house is only 4 years old. They are all in the $200K range.
I can tell you that price is the ONLY thing that matters to me, and I am a pre-approved buyer ready to close. Since most of the properties I see are overpriced by 50-75k, I prefer to see a 50k price drop, but I have gone to see houses based on 10k drops as well.
My price was competative about 3-4 months ago, but now it seems things have dropped a slight bit. The houses that have been listed as long as mine, if not longer are still the same price. Not sure if any have sold either. It's the new listings that seem a bit lower. The difference is those house may have more sq ft, but are old.(1970's) My house is only 4 years old. They are all in the $200K range.
Sounds like you may have purchased your home for 2005 price but it will be hard to sell it now for that price or higher. Good luck!
Other people with tons more real estate experience than me can answer specifically about house prices, but applying knowledge from other kinds of marketing, I dropped my price to just below a round number, figuring that it would start showing up in searches up to that round number, and also appear cheaper.
Of course, this is theoretical wisdom on my part so far. We're getting lots of lookers, but the elusive buyer is still, well, eluding us.
your first price is the impt one - if they discounted it before it doesnt matter for the most part if you discount it now , they have already passed you by imho - did an agent buy your listing - as in telling you it was worth more than it was to get the listing? happens all the time...............i can tell you stories but i wont
Would a $5K or $10K reduction really make a difference? Does it really grab the buyer's eye? Does it help when ppl are doing a search on realtor.com b/c the price would fall into another price range?
Not anymore. It used to when there were set searches of $25K increments. Realtor.com has changed where you can put in your own price range...so where as you only used to be able to do $200K-$225K, searches are now able to put in $200K-200900, or whatever suits their fancy.
If you are in the mls, it's a different story... most are still set up in certain price increments, and if you lower the price at all it gets resent to those that are registered to receive listings.
If as you state below that new listings are coming onto the market lower then it's time to adjust your asking price to be just below the market.
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