August 19, 2008

The Pros and Cons of Price Cuts

By Marcie Geffner - Cyberhomes Contributor

Home sellers hate price cuts and with good reason: Every dollar that’s knocked off the sales price is a dollar less in the seller’s pocket when the sale closes. But sometimes, a price cut is the best option, as unpalatable as it may be.

There’s no absolute rule for timing a reduction in your asking price, but some experts suggest two to four weeks as a good guideline, depending on how fast comparable homes have sold in your market and how quickly you need to sell.

If your home has been on the market for a while without a decent offer, you’ll have to choose a tactic:
- reduce your asking price
- wait for more buyers
- make major improvements
- take your home off the market.

Read the rest of this story:
http://www.cyberhomes.com/readingroom.aspx?article=homeaskingprice