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    When Is It Time to Reduce the Price of Your Home?

    At what time is it the right time to reduce the price of your home? Bryan Mancuso with the Whissel Realty Group explains how many showings you should be getting per week, as well as the average number of many showings it takes to get an offer for your home. If these numbers aren’t met, it’s time to look into the feedback to see what can be done to increase the number of showings or the number of offers.

    We’ve already discussed what price to pick for your home. We’ve looked at the comps, and we know exactly where we want to be.

    We’ve decided the pricing strategy as far as do we want to price it above your competition, even with your competition, or slightly below to get that competitive edge.

    Now, your home’s on the market, what should we expect? First off, we want to pay attention to feedback as much as possible. This is everybody who’s come through the house, whether they’ve set up a showing or open houses, we want to pay attention to those people’s perception of your property. If they think the price is right, if they think that maybe it doesn’t show so well, or those little things that we might be able to tweak. We want to hone in to that, and with everybody that comes through, I’m going to reach out to them and make sure that I know exactly what they thought of your home.

    So next, we want to see at least two to three showings per week. This is average across all the homes that we’ve listed. The ones that sell are getting at least that kind of traffic.

    Next, we want to see, after about 10 showings, that we have at least one offer by that time. So if we have two, three showings per week, and we’ve had over 10 showings, and we don’t have any offers, it’s time to start looking at that feedback to make sure that we’re in alignment with where the market perceives the value of your home. So, first off, we’re going to look at the feedback and see do people think it’s priced fairly? Are there any small things that you could change about your home that would be easy to do to align with the market? Maybe the paint color just isn’t right, or it’s not neutral enough, and too many buyers are turned off by the bright green walls in the living room. There’s other things that we really can’t do anything about, like freeway noise, or maybe the neighbor next door, which then we’d have to decide where we can align price to the perceived value of your home.

    If you want any more information or have questions about how we should price your home, or the activity that you should expect, connect with Bryan Mancuso at 858-254-1207.

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