REDUCING YOUR LIST PRICE - by Brian Gaiefsky, Keller Williams A Team Florida - Inside Hillcrest Newsletter Hollywood Florida

Sellers are often reluctant to reduce the list price of their property for several reasons: Emotional Attachment: Many sellers have a strong emotional connection to their property, which can make it difficult for them to objectively evaluate its market value. They may feel their home is worth more due to memories. Perception of Value: Sellers often believe their home is unique or superior to others on the market, which can lead them to think it should command a higher price. This belief may not align with market conditions or comparable sales.

Financial Expectations: Sellers may have financial goals tied to a certain sale price. They might need a specific amount to cover their mortgage, fund a new home purchase, or meet other financial obligations. Reducing the price could affect their ability to meet these goals. Fear of Undervaluation: Sellers worry that reducing the price will signal to buyers that there is something wrong with the property or that they are desperate to sell, potentially leading to lower offers. Initial Overpricing: If the home was initially priced too high, sellers may be reluctant to reduce it, hoping that the right buyer will come along. They may not want to accept that the initial price was unrealistic.

Market Conditions: In a declining or slow market, sellers may hope for market conditions to improve rather than reducing the price. They may be willing to wait for a better time to sell, even if that means leaving the property on the market for longer. Advice from Agents or Others: Sometimes sellers receive conflicting advice from real estate agents, friends, or family. They may be told to “hold out” for a better offer, which can create hesitation about price reductions.

We offer our clients detailed analytics showing how many people have viewed their listing, along with insights on the viewers’ current city or county of residence. If you’d like to receive these analytics for your property or simply want a professional evaluation of your property’s current value, email us at info@ATeamFlorida.com.