My name is Benjamin Arp, new to the bigger pockets community and I'm here to learn. I am a Real Estate Technology Consultant for Showing Suite in San Diego, California.
We talk with a lot of REALTORS and part of our sales pitch is that a price reduction is the quickest way to get a home sold. Do you agree? Are price reductions the fastest way to sell real estate?
@Benjamin Arp It depends. You can do a price reduction, but still be over-priced compared to the comps and still not sell. However, I do agree though, if all else is equal to the comps, and you do a price reduction below those comps, then it would probably sell quicker.
@George Makakaufaki That makes sense. Thanks for the response!
If the house is priced correctly (at the market price or better slightly below), then it will get sold fast unless something is wrong with the house. But even if something wrong with the house, if you price it correctly, there will be buyers (mostly flippers and investors) willing to buy it and fix the problem if there is room for their profit.
@Larisa G. Then is it safe to assume a home sitting on the market for an extended period of time is priced incorrectly?
Generally speaking- yes. Specifically - I would need to know more info about the house.
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