Options Before Doing a Price Reduction on Your Listing

If you have your home listed for sale in Kelowna or the surrounding area and have not sold yet, you have probably thought of a price reduction.  

A price reduction is not always the answer.  Before doing a price reduction, consider these options:

Change up Marketing

High-quality photos are incredibly important when listing your home for sale in Kelowna and the area. You get a split second to capture the attention of home buyers.  If they don’t like what they see, your house listing could be passed by in an instant. If your MLS listing is not attracting potential buyers it could be as simple as changing the photos.  The feature photo should be the best photo of the house. You want to stop that buyer on your listing. Invest in great photography to avoid having to do a price reduction in the future.

Offer an incentive

In a balanced market or buyer’s market, a home buyer can be more specific in their expectations.  Especially when there is more inventory of house listings to choose from. There was a time when home buyers would look past having to make small improvements themselves. They now do not want to incur more costs once they move in.  

So instead of doing a price reduction, you can repair yourself or offer a credit to the home buyer to cover the cost of any small work needed to be done.  This way, you keep the price the same and the incentive could overcome the home buyer’s objection.

Target marketing

Is your house listing featured in the right places to attract the right home buyer for your home?  Long gone are the days of simply putting a home on the MLS and expecting it to sell. Target marketing is more important than ever.  The more exposure your home gets, the more home buyers you will be able to attract. So to do a price reduction before being fully exposed to all potential home buyers could be jumping the gun.  

There are important factors to consider before looking at doing a price reduction.  

• Do you have the right real estate professional working for you?
• Did you get the right advice when pricing your house for sale?
• Are you aware of the current market conditions?  (average days to sell)
• Are you being kept informed about the marketing of your listing?
• Does your house listing have a specialized marketing plan to attract the right home buyer?

 

The team at Quincy Vrecko and Associates understands that every home is different.  A family home in Lower Mission will need different marketing than a modern townhouse in South Pandosy, or a waterfront home in West Kelowna.  The team has a guarantee to set up each client for success and avoid having to do a price reduction. The team will price their homes according to market conditions, create a tailored marketing plan for the course of the listing, and keep each seller informed.  Check out the QVA Guarantee and call for your consultation today.