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Scott Godzyk's Blog

By Scott Godzyk | Agent in 03109

HOW LONG SHOULD I WAIT TO REDUCE MY LIST PRICE FROM THE LAST TIME I REDUCED IT?


Recently a question was asked HOW LONG SHOULD I WAIT TO REDUCE MY LIST PRICE FROM THE LAST TIME I REDUCED IT? Simply put there is no set time, but is something you need to do at once. You need to first assess what the value of your home is in todays market either by a Brokers Price Opinion (BPO)  or an appraisal.
 
WHAT IS A BPO?

A BPO will look at homes that are similar in style, age, size and condition that have sold within the last 3 months in your area. If there are few home sthat have sold in the last 3 months, then often agents will expand to 6 months. They will also look at the most similar homes that are currently for sale in your area that match the same criteria.
 
HOW DO I KNOW WHAT TO SET MY PRICE AT?

Your price should be set at or just below what market value is. In a market such as this, pricing yourself too high, may not get your house even noticed for a buyer to make an offer.

HOW OFTEN SHOULD I CHECK MY VALUE?

You should then recheck your value monthly if you home as not sold. As well as price you need to look at what potential buyers are saying, what they like or dont like and is it anything you can fix for a potential new buyer in the future. Start at your front yard and walk through your house as a buyer would. Look as if you were the buyer...Do you see anything that needs attention? lawn mowed, bushes trimmed, front door operational and clean, house free of clutter, no pet or smoke odors, no peeling paint or stained ceilings or carpets, no leaking faucets and handrails secured and in place? These are a few of the items that you should look for. if you see it, the potential buyer can see it.

PLEASE POST YOUR OPINION AND COMMENTS

Updated 12/15/2010

Blog Written by:

Scott Godzyk
Godzyk Realty Group

Manchester NH

www.ScottSellsNH.com

Copyright 2010, All rights reserved

Comments

By Peggy Gist,  Thu Oct 21 2010, 07:07
All statistics tell us to price 5-15% below the market price to get a relatively quick sell. It is a challenging market and you must be in the best position.....in front of your competition.
By Scott Godzyk,  Thu Oct 21 2010, 09:46
thank you for the comment Peggy. Those are some aggressive percentages that would certainly work in this market.

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