You often hear that the current real estate market is a "buyers' market." This essentially means that a high number of homes for sale creates a competition that gives buyers an advantage. Sellers have to have a home that attracts the largest pool of buyers from the very first day on the market. If a home sits for a while with no offers made on it, then sellers and their agents often reduce the price.
This is a good article that discusses strategy when reducing a listing price. The point of reducing price is to make a splash. So the article correctly suggests that reducing in large amounts is far better than taking baby steps down.
Read the full article here.
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