CNBC announced today that more than one in four U.S. homes for sale on September 1st had their prices cut at least once since landing on the market. They further reported that several cities, including Atlanta, have seen month-over-month increases in the percentage of listings with price reductions.
What many home sellers don’t realize is how detrimental repeated price cuts are to selling quickly – and for top dollar. The best opportunity for you to sell your home for the maximum price is during the first few weeks it is on the market. For ultra-luxury homes, this may be the first few months. This is when the listing is new and generates the most interest from agents and buyers who may have seen everything else on the market at a comparable price. If your home is priced properly, it will attract maximum interest. If your home is overpriced, you may get showings but no offers and certainly no repeat visitors. The longer your home sits on the market, the more difficult it will be to obtain your desired price.
The chart below shows twenty-four sales of homes in Buckhead and Sandy Springs since August 1st, 2009. The green symbols represent homes that were priced appropriately and sold quickly. The red symbols reflect properties that had at least one price reduction – and took much longer than average to sell!
To avoid delaying the sale of your home while maximizing your selling price, price your home based on the competition – and be honest and objective. Buyers today are looking for deals. By pricing your home accurately, you attract the attention of serious buyers and dramatically increase the likelihood of a prompt sale.
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