Dropping the price of your home for sale can be bittersweet. On one hand, you know that you won't be getting as much money for the home, but on the other hand, you might feel hopeful that a buyer will emerge in short order. Simply dropping the price of the home isn't enough to result in a quick sale — you also have to make sure that you widely publicize this change in price to reach a wide audience. Speak with your real estate agent about the strategies that you can use to spread the message. Here are some suggestions.
Reach Out To Buyer Agents
Your real estate agent will have a clear idea of which local buyer agents have clients who have expressed interest in your home. If you previously had a buyer agent-only open house, for example, your agent will have the names and contact information for all the agents who attended the event. If there were a few interested buyers who attended private viewings of your home but ultimately declined to submit an offer, your agent can contact these peoples' agents to let them know about the pricing change. If one of the people who viewed the home liked it but didn't like the price, this change may be enough to generate an offer.
Change Your Lawn Sign
It's impossible to discount the value of your lawn sign in generating interest in your home, so it's important that this sign reflects the drop in price. Speak to your agent about replacing the sign with a sign emblazoned with the slogan, "Price Reduced!" This catchy wording will ideally garner attention from those who are driving past your home, especially if the traffic on the street is busy. A home with a reduced price can be intriguing to buyers, so you're counting on someone looking up the listing online.
Have Your Agent Adjust The Online Profile
Depending on how your agent has listed your property online, he or she can often raise the profile of the listing have the price has been dropped. For example, the agent's website may include a page of listings that have had recent price reductions; serious buyers will often consult this type of page in their quest for a deal on properties for sale. If your agent works for a large brokerage, he or she may be able to get the listing and its reduced price featured on the home page of the brokerage's website.