When to Hold Your Price as a Seller: Know Your Competition
In a declining market, the usual advice to sellers is to price aggressively. When you list, you’d better be sure you’ve got the right price.
But sometimes the right move is the opposite: if the price is right, hold.
Know your competition
Your home isn’t priced in a vacuum. Buyers compare it to every other home for sale in the same area and price range. So before you lower your price, look closely at the competition:
- How many similar homes are for sale in your price range?
- How do they compare in size, condition and location?
- Are you already the most affordable option?
When holding firm makes sense
Joe Gonzalez had a listing that sat on the market a little longer than average. The seller held firm on price anyway. Why? Because it was the most affordable option in that entire market.
When there’s practically no competition at your price, or you’re the cheapest similar home available, you have something to stand on. Dropping your price wouldn’t attract more buyers. It would just leave money on the table.
When you probably shouldn’t hold
Holding firm isn’t always the answer. If several similar homes are priced below yours, or you’ve had lots of showings and no offers, your price may be the problem. Days on market is a signal worth paying attention to.
The key is data, not emotion
Whether you hold or adjust, the decision should be based on what’s actually happening in your market: comparable listings, recent sales and buyer activity. A good REALTOR® tracks this for you and gives you an honest recommendation.
Selling in Niagara?
We’ll show you exactly where your home stands against the competition.
Call 289-276-1716 or get your home value.
