Back to School ads are in full bloom. Fall cannot be far behind. I’ve also noticed an increase in those little red downward pointing arrows next to listings on the MLS daily hot-sheet. Those arrows indicate a price reduction. The deciduous trees are holding fast to their leaves as August reaches mid-month, but sellers appear to be offering late summer sale prices on more than a few homes in Palos Verdes and the Greater South Bay Area. Perhaps they are attempting to nudge a few late summer buyers into action.
Often, a minuscule price reduction creates a major reaction. I recently reduced a property’s list price by less than 2% and received an offer within a few days; the agreed upon price we negotiated was within 1% of the new list price.
Sometimes, the seller must make the first move. If your listing is languishing on the MLS during the dog days of summer, maybe it’s time make the first move by reducing your price and invite the buyers to dance. You never know, a buyer may be watching your home from afar, and patiently waiting for you to make the first move.
Norma Toering, Broker at Charlemagne Intl Properties