There are many different philosophies when it comes to marketing and selling properties at Lake Tahoe. But when the end of August arrives, one issue that all sellers of unsold properties contemplate is the asking price. Price is not always the overriding factor when it comes to getting a property sold. In a buyer’s market with lots of inventory there are many other issues such as the condition, upgrades, location, floor plan, view, amenities, etc. that will affect how long a property sits on the market until a willing buyer comes along.
However, if a property has not been getting showings or if the feedback from the people who have seen the property is that the price is significantly too high, now is the time for sellers to adjust the asking price before it’s too late. Waiting much longer will result in missed showings and lost opportunities.
It is important to look at the comparable sales most directly affecting your property and also the places you are competing with. If the asking price is significantly higher than the most direct competition and you do not have some other special feature such as great remodeling or a fabulous view, then a price reduction could be the best strategy.
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