Administering Financial Pain
People famously dread visiting their dentists; after all, who looks forward to having cavities filled?
Unfortunately, for home sellers whose homes are languishing on the market unsold, a visit to their Broker’s office may be more painful, at least financially.
That’s because, after 60-90 days of market time without a deal, a 3% – 5% price reduction is invariably indicated. (See, “Nurse! I Need a Price Reduction, Stat!“).
That’s especially the case in Minnesota after Labor Day, when the approach of Winter adds an element of urgency to finding a Buyer.
And no, it gives Realtors no pleasure to convey that news, even if they know that it’s in their client’s best financial interest to reduce their asking price.
P.S.: The best time to do a price reduction?
When Buyers (and their Realtors) are paying attention.
So, the latter half of August usually isn’t when most Realtors counsel changing the price.