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Sarah Bernard Redkey Realty St Louis Mo


A recent report named St. Louis as one of the top housing markets for Millennials. AARP gives St. Louis an above-average livability ranking.

If you’re a homeowner thinking of selling, you have no shortage of potential buyers. Despite some slowing, 2022 is still a seller’s market for St. Louis real estate. Average home prices are rising, and inventories are low.

This doesn’t mean you’re necessarily guaranteed to get more than your asking price, though. In fact, some sellers eventually need a house price reduction. If you aren’t getting the offers you were hoping for, you may need to reevaluate your list price.

Learn more about when and how to reduce your price so you can close the deal.

Signs You Should Lower Your Asking Price

You don’t want to reduce your asking price if you don’t have to. If you see one or more of these signs, though, it may be time to reconsider your pricing.

Comparable Nearby Homes Are Priced Lower

Look again at other similar homes that have sold in your neighborhood. If they were priced lower than yours, you may need to cut your asking price.

Little Traffic and Low Offers

Foot traffic is a good indicator of how attractive your list price is. If you have few showings, you’ll probably need to adjust the price downward.

Good showing traffic but low offers are also a sign you may need to readjust your price.

Your Home Appraised Low

If you lost a sale because the buyer’s appraisal was low, you have a good reason to reevaluate your list price.

Some sellers pay for an appraisal before listing their property. An appraisal gives you an objective evaluation of a list price. If the appraisal is lower than your asking price, you know the price is too high.

What to Do Before Lowering Your List Price

Adjusting your marketing strategy may be all you need to drive more interest in your property. Talk with your realtor about their marketing plan.

The most effective online listings have high-quality photos and videos. Buyers appreciate being able to take a “virtual tour.”

You can increase interest in your home with descriptions that showcase the best features of your property. Highlighting the special qualities of your St. Louis neighborhood is also important. Working with a local real estate agent helps ensure that your listing focuses on the features that buyers in your area are looking for.

The Best Time for a House Price Reduction

If you need to lower your asking price, you should do it relatively quickly. Properties that sit on the market too long make buyers suspicious. St. Louis and St. Charles real estate stay on the market for an average of only 19 days.

Evaluating your price after 10 days on the market gives you time for open houses on two weekends. You can make a more informed decision about whether you should adjust the list price.

Making one reduction is better than making several small ones over time. Too many small, closely-spaced price cuts make the seller seem desperate.

Your real estate agent can help you determine what your new, more competitive price should be.

Work With a St. Louis Real Estate Expert

Pricing your home to sell is one of the most challenging parts of the home sale process. If you need a home price reduction, making one price cut within two weeks of listing can help you get the best results.

A St. Louis real estate expert like the Sarah Bernard Realty Team can help you successfully navigate selling your home. We’ll help you get the best possible price for your home in as little time as possible.

Contact us today for a complimentary consultation. We look forward to meeting you!