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Cabo San Lucas Blog

This blog discusses Los Cabos real estate and other important news and happenings in Cabo.


Price.....It Doesn't Matter What You Call It

Price reductions, price improvements, price adjustments, it doesn't matter what you call it; nobody wants to hear about lowering prices except a buyer. In slow markets and buyer's markets, it's not unusual for sellers to point fingers at the agents and agents to point fingers at seller's unrealistic expectations for a price. Sellers should ask themselves these questions.

1.    Maybe you don't have to sell. When the market is slow and inventory is high, demand falls. If that's the case, maybe you should take your home off the market.

2.   It makes no sense to put an overpriced home in MLS that is not receiving any showings because it skews the numbers for market performance.

3.   If you're not motivated, you might be better off renting your house or staying put until the market rebounds.

Picking the Right Price

If you're too high, you'll need to continually reduce the price until you hit that "magic" number, and by then buyers will begin wondering:

1.    What is wrong with your house?

2.   How much lower will you go?

Ideally, you want one price reduction. Here are guidelines to consider:

·        Realize your agent is not your adversary but is on your side; enlist his help.

·        Compare sold prices with active listings. Are they reversed? Are sold prices higher?

·        Run side-by-side comparisons with active listings near the price point you are considering. Price yours so it falls in the bottom two to five listings or, if you're really determined, price it less than anything else on the market.

Every home will sell if priced right.




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