Q: “Denise, I read your article on the Power of Timing. I have a listing that has been on for about a month now and my sellers are thinking of trying a price reduction this weekend and if it doesn’t work, throwing in the towel and renting it. I am also holding an open house this weekend. Is there anything else I should be doing?”
A: This weekend is the first weekend in which people are getting back to their schedules. I would have an open house this weekend at the new price and see how the market responds. If there is very little traffic, then their desired price may not be right for this time in the market and yes, it might make sense for them to rent right now.
You can address your next step when you gather more information. And the information you need to gather right now is about how the market is going to respond to a price reduction after our typical summer lull. Traffic will tell you if you are at the right price.