Akron Sellers: When Is the Right Time to Reduce Your Price?

Price reductions are uncomfortable. Nobody wants to do them. But if you've been on the market in Akron for three or more weeks without a serious offer, avoiding the conversation is costing you money. Here's how to think about the timing.

The first signal is showing traffic. If you've had fewer than six showings in your first two weeks, buyers are telling you something, and the most common message is that the price isn't drawing them in. Online real estate searches are price-range filtered. If your home is sitting at the top of one price bracket, drop it into the next bracket and see what happens to traffic.

The second signal is feedback from showings. If buyers are saying the home is nice but they can find more for the money, that's direct market feedback. One buyer saying it might be noise. Three buyers saying it is a pattern.

The third signal is what's happening to nearby competition. If two comparable homes in your area came on the market after you and they're already under contract, your pricing is the issue. New inventory at similar or lower prices will always pull buyers away.

A price reduction done early, when you still have market momentum, is usually less costly than waiting six weeks and becoming a stale listing. In Akron's market, stale listings invite low offers. Buyers assume there's something wrong with the home, even when the only real problem is the price.

Be honest with yourself and with your agent about what the market is telling you. If you'd like a second opinion on your Akron listing position, call us at (216)373-7727 or visit www.21mike.com.

Mike Ferrante | The Mike Team at LPT Realty | www.21mike.com | (216)373-7727