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How do price reductions work?
Buyers look at homes they can afford, with most spending as much money as they can afford to in order to live in as nice a house as possible.
When buyers tour a property that is at the top of their financial limit and it does not suit their needs, they pass.
When a home that was priced higher has a reduction and falls into their range, they look at it.
Price reductions work in that fashion. They introduce a property to a different set of buyers.
They do not lure former buyers back to a property.
Buyers who visit houses and find those houses do not fit their needs will still think it does not fit their needs. They have not been monitoring it hoping the sellers will blink. On rare occasions, the reduction will allow previous looks to pour some money into the property to make it work, but usually the buyer has moved on to other properties.
Buyers are not monitoring a house they didn’t like enough to even make an offer on hoping that the price is reduced.
Wendy Monday
Broker,
PARKS Real Estate
615.642.1313
@wendymondaysellingnashville on social
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