Slash the Price and Buyers will Come – Hot and Heavy!

Slash the Price and Buyers will Come – Hot and Heavy!

The real estate statistics came out a couple of weeks ago regarding the large drop in home sales and this just freaked one of my sellers out -“slash the price” they said we need buyers to come and make offers…yes, like hot and heavy!  I could not believe my fortunate ears that day.  Did I hear the words right?  I made sure of it by following up with an email so I would have some record of this conversation in case I was having crazy thoughts about the house.  So in RI coastal real estate you never know what will come at you.

Alright this was the second reduction and this was a substantial reduction for this nice property that just was not getting the showings it deserved.  If this “slash the price” reduction did not bring buyers then I knew we were facing a tougher real estate market then I had hallucinated about lately.  I had marketed it strongly and aggressively, done open houses and sent out mailings all to no avail because ‘the market’ didn’t like the price.

This price reduction was a chance to step up the marketing on the home (the price reduction done on a Thursday evening

We did negotiate back and forth and my sellers agreed on a selling price (I thought they should have countered again but they chose not to).  And since it was Friday, I told the agent that I could not cancel the open house since I had sent out so many personal invites to the watermelon & shrimp open house (that was my lure too- sweet & fish combo).  She fretted about this point but understood.

So on a hot 94 degree Sunday I had several couples in to the open house (it’s a hot and heavy day, too)and a couple of neighbors came by to meet me and tell me how sweet it was to send the personal invites to them.  They wanted my card for later.  Hot diggedy- some things actually do work- .  Anyway, I got a market analysis out of the open house and a backup offer on the house from another agent.  I so like to have >homes sold for my clients!

Again my research data had shown me that there were 22 houses on the market in the town right now within 5% of the price point on my sellers’ home prior to the price reduction.  After the price reduction I recommended, only 2 other houses were within 5% of the price of the home.  Priced it to move…and the sellers were on board.  So a different open house marketing strategy as well as a price reduction to a selling price where there was minimal competition from other homes on the market made this deal become extremely attractive to prospective buyers.  Well at least on this one – slash the price and buyers will come…hot and heavy did work!
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