Selling your Home? When is a Price Adjustment Necessary?

Selling your South Florida home in today’s market is certainly a challenge. With a slow market and strict lending guidelines it can be very frustrating for sellers when considering whether or not to sit back and be patient or make a price adjustment. Of course, if the goal is to sell the home quickly, a price adjustment may be considered earlier rather than later. Either way, even in the market of Boca Raton, where there are many homes for sale right now, your home will sell if the price is right. Here are some specific scenarios that may indicate a price adjustment is necessary.

The house is not being shown.
This may indicate that agents think the price is too high for that specific neighborhood. A relatively significant price adjustment should be considered. 
 

The house is being shown, but there haven’t been any offers.
This may indicate that buyers are finding nicer homes for the money. A moderate price adjustment should be considered.

The house seems to be in the running. Buyers have come back to view the house a second time, but decided to buy something else.
This may indicate that the price is very close and only a minor adjustment should be considered.

In a normal market, the home should get 1-2 showings a week. According to the National Association of REALTORS, if the home is priced right, the seller should receive one offer for every ten showings.