Sellers, don’t skimp on price reduction

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Q: My house just won't sell. It's been on the market for six months. I've reduced the price several times, and my Realtor keeps trying to get me to bring the price down much more, but I think it will make me look desperate to buyers. Should I get a new Realtor? A: In my experience, lots of tiny price reductions make you look clueless to buyers; a major price reduction makes you look motivated and makes your home look like a potentially good value, which is attractive to buyers. With respect to your question about firing your Realtor, I don't have enough information to know whether your Realtor is the problem. How did you select her? Did you talk with past clients who were happy with her? Does she have a recent track record of successfully selling her listings? Has she shown you the recent comparable sales and data on your competition that document her rationale for the suggested price reduction? Do you feel that she has gotten the word out to the market about your home to o...