Should You Lower Your Asking Price?

If you’re selling a condo or loft in DTLA, the last thing you want is for it to sit on the market without selling. The longer it sits, the less attention it’ll get from interested buyers… and eventually, you’ll either end up lowering the price or taking it off the market entirely.

So when should you lower your asking price?

Check out these signs that you should lower your condo or loft’s asking price:

You’ve had dozens of showings but no offers
Your condo or loft has been on the market for more than a month
You realize that you’ve overpriced it

Reason #1: You’ve had dozens of showings but no offers

If tons of people are coming to see your space but nobody’s making an offer, that’s a good indication that you’ve attached the wrong price to it. Naturally, you should listen to your real estate agent when he tells you how to price your home.

Reason #2: Your condo or loft has been on the market for more than a month

If your condo or loft has been listed for more than a month – or a month and a half, depending on your market – it might be time to lower the price. It depends on the market, though, so before you make any big decisions, talk to your real estate agent.

Reason #3: You realize that you’ve overpriced it

When you look around and find similar condos listed at lower prices than yours, and those similar condos are selling, it’s a red flag that you’ve set your asking price too high. Now’s a good time to take the price down to drum up fresh interest or bring back people who were initially interested.

Are You Buying a Loft or Condo for Sale in DTLA?

Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.

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