When a home has been on the market a little longer than expected, one of the first conversations that often comes up is:

“Should we lower the price?”

Sometimes the answer is yes.

 

Price absolutely matters when you're selling a home. Your property needs to be positioned appropriately for the current market, show well, and make sense compared with the other homes buyers can choose from.

But what if we've already done those things?

What if the home is attractive, we're priced appropriately, we're seeing interest, but buyers still aren't quite taking that next step?

Before automatically reducing the price by $10,000 or $15,000, there's another question I think sellers should ask:

What are we actually trying to fix?

Because depending on what's keeping a buyer from moving forward, simply lowering the purchase price may not always be the only strategy worth considering.

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Price and Positioning Still Come First

Before we go any further, I want to make one thing very clear.

Seller concessions are not a substitute for proper pricing.

If comparable sales and current competition tell us a home is overpriced, that's a pricing conversation we need to have.

If the condition or presentation of the home doesn't support the asking price, we need to address that as well.

There isn't an incentive or seller credit that's going to magically correct a home that is significantly out of position for the market.

That's why I believe the fundamentals come first:

Price. Condition. Presentation. Competition.

Once we've evaluated those pieces and believe the home is positioned appropriately, then we can start looking at other ways to potentially strengthen our strategy.

Today's Buyers Are Looking at More Than the Price

One thing sellers should understand about today's market is that buyers aren't evaluating a home based solely on its purchase price.

They're looking at the entire financial picture.

That can include:

• Their monthly housing payment
• Interest rate
• Down payment
• Closing costs
• Prepaid expenses
• Cash needed at closing
• Savings remaining after the purchase
• Immediate expenses they may have after moving in

This can be particularly important for first-time buyers, but affordability isn't exclusively a first-time buyer issue.

A buyer can genuinely like your home and still hesitate because they're trying to determine whether the entire transaction works comfortably for them.

As a seller, understanding that can give us additional options when we're evaluating our strategy.

Before You Reduce the Price by $10,000...

Let's use a simple hypothetical example.

Suppose a home is listed for $500,000.

It's been properly prepared. We've evaluated comparable properties and current competition. Based on the information available to us, we believe the home is positioned appropriately.

But it's taking a little longer than expected to find the right buyer.

The seller asks:

“Should we just lower it to $490,000?”

Maybe.

But before making that decision, I want to understand what we're hoping that $10,000 reduction will accomplish.

If current market information indicates that $490,000 is a more appropriate price, reducing the price may absolutely be the right decision.

But if affordability is creating the bigger obstacle for interested buyers, there may be other ways to potentially use some or all of those dollars.

That's where seller concessions can become part of the conversation.

What Is a Seller Concession?

In simple terms, a seller concession is something the seller agrees to contribute as part of the negotiated transaction.

Depending on the buyer's financing, loan program, lender requirements, purchase agreement, appraisal and other factors, an allowable seller contribution may potentially be applied toward certain buyer costs.

That could include eligible closing costs or, in some situations, an interest-rate buydown arranged through the buyer's lender.

There are limits and requirements surrounding seller contributions, and they vary depending on the transaction.

That's why this is not something I determine on my own.

The buyer's lender needs to be part of the conversation.

I want to know:

What does this particular buyer need?

What does their loan program allow?

Would a concession actually help solve the issue?

And what does the proposed structure mean for my seller's bottom line?

Once we have that information, we can evaluate the options rather than simply guessing.

The Same $10,000 Can Have a Different Impact

This is one of the concepts I think sellers sometimes overlook.

Taking $10,000 off the purchase price doesn't necessarily mean a buyer experiences an immediate $10,000 benefit.

If they're financing the purchase, that lower price is reflected over the life of the loan.

For a buyer whose biggest concern is the amount of cash they'll need at closing, an allowable seller contribution toward eligible closing costs may potentially address their concern more directly.

For another buyer, the monthly payment may be the bigger issue. Depending on their financing and lender approval, an interest-rate buydown may be something worth exploring.

And for another buyer, neither option may make sense.

That's exactly why I don't believe in applying the same strategy to every transaction.

First identify the problem. Then determine which solution actually addresses it.

Las Vegas Resale Sellers May Be Competing With More Than Other Resales

There's another part of this conversation that's particularly relevant in the Las Vegas Valley.

Depending on your location, price range and property type, your buyer may not only be comparing your home with another resale property.

They may also be considering new construction.

Builders may offer various incentives at different times, which can potentially include financing incentives, closing-cost assistance, upgrades or other promotions.

Those offers vary by builder, community, lender and timing, so they should always be evaluated individually.

But as a resale seller, we still need to understand what buyers may be comparing us against.

That doesn't mean you have to match a builder's incentive.

A resale home can have advantages of its own.

Perhaps the landscaping is already complete.

Maybe window coverings have been installed.

The home may have upgrades, appliances or improvements already included.

It may offer a particular lot, location or established neighborhood that the buyer prefers.

The point isn't to copy what another seller or builder is doing.

It's to understand the entire competitive landscape before deciding how we want to position your home.

Does Offering a Concession Mean You're Giving Money Away?

This is usually where sellers understandably become very interested in the conversation.

If a buyer asks for closing-cost assistance, it's easy to look at that number and think:

“Why am I paying the buyer's expenses?”

But I prefer to look at the entire offer before making that judgment.

Suppose we receive an offer at $500,000 with a requested seller concession.

Is that better or worse than an offer at $490,000 without one?

We can't answer that question based on those two numbers alone.

We need to look at:

• Purchase price
• Requested seller concessions
• Financing
• Other negotiated costs
• Contingencies
• Closing timeline
• Property-specific expenses
• Other important terms
• Estimated seller proceeds

Then we can compare what each offer actually means for the seller.

The highest purchase price isn't automatically the strongest offer, and a concession doesn't automatically make an offer a bad one.

It's the complete structure of the transaction that matters.

A Price Reduction May Still Be the Right Move

I don't want sellers to walk away from this thinking that concessions are somehow a replacement for price adjustments.

They're not.

Sometimes the market is telling us very clearly that the price needs to change.

If competing homes are offering more value at a similar price, buyer activity has changed, new inventory has entered the market, or current market information no longer supports our positioning, we need to pay attention to that.

There are times when reducing the price is absolutely the strategic move.

But I don't want to make a change simply so we can say we made a change.

If we're going to adjust the strategy, I want to understand what we're trying to accomplish first.

Maybe that's price.

Maybe it's an allowable concession.

Maybe we structure a future negotiation differently.

Maybe another component of the listing strategy needs attention.

Or perhaps the information tells us we're positioned appropriately and we simply need more time to connect with the right buyer.

Every property and transaction is different.

Today's Las Vegas Seller Needs More Than One Strategy

Selling a home isn't simply about choosing a list price, putting the property on the market and waiting.

The strategy can evolve as we receive new information.

That's why I want my sellers looking at the entire picture.

How are we priced?

How are we positioned?

What does our competition look like?

What are buyers responding to?

What terms might matter to the buyer without unnecessarily compromising the seller's goals?

And ultimately:

What does the seller net?

Those questions give us much more useful information than simply asking whether it's time to knock another $10,000 off the price.

Thinking About Selling Your Las Vegas Home?

If you're considering selling a home in Las Vegas, Henderson, North Las Vegas or elsewhere in the Las Vegas Valley, the strategy should be specific to your property, your competition and your goals.

Before making improvements, choosing a price, offering concessions or deciding how you'll respond to an offer, it helps to understand how all of those pieces work together.

Sometimes the right move is a price adjustment.

Sometimes another negotiated term may create a better opportunity.

And sometimes the best decision is not to make an adjustment at all.

The important part is understanding why we're making the decision before we make it.

Helping buyers, sellers and those relocating throughout the Las Vegas Valley, including Las Vegas, North Las Vegas, Henderson, Pahrump and surrounding Southern Nevada communities.

Real estate availability, pricing, financing, seller concessions, loan requirements, taxes, insurance, HOA costs and other property-related expenses vary by property and individual circumstances. Seller contributions are subject to purchase terms, financing requirements, lender approval and applicable limitations. Buyers and sellers should consult with the appropriate licensed professionals regarding financing, tax, legal and other matters specific to their transaction.

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Realty ONE Group. Equal Housing Opportunity.