Price Reduction of Your Luxury Homes
  • Share:

Price Reduction of Your Luxury Homes

May 11, 2016 05:24 AM

So you have a home that’s been on the market for a long time but no one’s buying it up. Should you automatically consider reducing the price of your luxury home? Offering price reductions periodically until an offer comes along might work. But while the knee-jerk reaction is a quick “yes”, it’s not always the smartest thing to do.

Lowering the price would mostly work for the lower end homes, which has a larger number of potential buyers. In contrast, those who can afford luxury homes make up a tiny percentage of home buyers. This is the primary reason why expensive homes always take a lot longer to sell.

Usually, when a property has been listed for a while with no action, the seller can take it off the market and give it some rest before offering it again. This way, rather than suffer drastic price reductions, it can gain some momentum when it’s put on sale again.

Sometimes though, sellers are too optimistic and overprice their properties without thinking of the market, resulting in frustration when they receive low-ball offers.

For this reason, it is especially important to work with the right luxury real estate agent. With an agent who knows what they’re doing and is updated on the current market trends, you can decide whether the price is right. Meanwhile, we also have price reduced luxury homes if that’s what you’re looking for.

View luxury homes here.

BHHS Disclaimer © 2016 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Equal Housing Opportunity. If your home is listed with another broker, this is not intended as a solicitation.

Shapiro & Sher guarantees your privacy while visiting our website. The information you find within is from sources believed to be reliable but not verified or guaranteed and is subject to change without notice.

SHAPIRO & SHER 1215 S Fort Apache Rd #210 Las Vegas, NV 89117