Homeowners holding out in hopes of receiving their asking price need to be careful that they miss out on a window of opportunity that is about to close. The first time home buyer, long time resident tax credit is set to end on April 30, 2010. Once the end of the tax credit comes there may be a reduction in the number of homebuyers available.
Perhaps equally important to a home seller is that prior to the end date there will be buyers rushing to purchase homes in order to qualify for one of the two tax credits. A seller who fails to offer their home at the very best price while buyers are rushing to buy during the time left is making a mistake that could cost them both time and money.
If your home has lingered on the market for several months with no offers and you have not been inclined to lower the price you should rethink your strategy. Your competition continues to be REO homes, short sale homes and due to the length of time your home has been on the market, newer traditional listings priced comparable to yours with less time on the market. We suggest a substantial price reduction whenever possible in order to attract the maximum attention possible to your home.
The tax credit window is closing and along with it the time to present your home to the greatest number of eager buyers. The time to reduce your price when possible is now.
Related Florida real estate blog posts on price reductions
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