What Message is "Price Reduced" Sending to Buyers?
So, what message does "price reduced" send to buyers?
And perhaps the question also is...what message do you WANT to send?
Is it...
We really need to sell...REALLY!
We know we were greedy and now have adjusted our thinking... a little
We are chasing the market in hopes of catching it
We are repositioning our home so it fits better with the competition
Our agent mislead us and told us we could get $X but we found out s/he was wrong
We refused to listen to our agent and price it appropriately, but now we ARE listening
Keep watching - the price reductions will keep comin'
Bring us a low ball offer - we are now ready to talk
You ain't seen nothin' yet
Don't expect us to come down further since we just dropped the price
We're just kidding, the price is still ridiculous and we know it but we hope to fool you
Now we're getting' serious...finally
No, the home is not a dog, we are just not realistic
Have we got a deal for you! Really!
This home STILL isn't a deal
Price reductions, or repositioning as I like to think of it, are pretty common in our area, and no doubt elsewhere as well. Buyers have lots of options, sellers are having a tough time being realistic about the economic shifts and the market value of their homes, and some markets are still shifting. Motivations change, and some sellers get more realistic, or become tired of being "on the market."
Granted you don't know what the message is to different buyers, and no doubt there are as many perspectives as there are buyers. But you can be sure there IS a message. Hopefully buyers aren't laughing or saying:
Are you serious?
Who are they trying to fool?
Big deal!
Certainly the amount of the price change can be telling, in either a good or bad way. A $100K reduction on a $759K home is fairly significant. $10K on a million dollar property is a joke. I've seen $500 and $1000 price drops on $400K and $500K homes and wonder why. And I saw a multi-multi million dollar home that had a $5M price reduction - it was about 20%. Was that overpriced to start or what?!
Does all this matter?
Sometimes it does make a difference, especially if the new price really is appropriate for the market and buyers now see it that way.
In other cases, as when chasing the market down, you simply don't get to where you need to be soon enough and end up with less than you would have if the home was priced right to start.
So, what message are you sending with your price reduction?
Is it the message you want?
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