It can be called a price adjustment, positioning in the market, new price, whatever, it is a price reduction. I don't know why those of us in the industry are so hesitant to say price reduced. It is used often in retail and with it comes a positive response. There are numerous reasons why prices change. One could be that the seller originally wanted too high a price, second could be the agent missed the price, third might be the market changes, fourth could be a sale in the neighborhood forcing the price down, fifth could be a new motivation by the seller, and sixth could be too much time on the market. The reasons does not matter as much as the change happens. Many buyers book mark listings and when that price change comes they then come with their offer. It is not bad to reduce the price of a property. It is good. In this market everyone is feeling their way as they go along. The wrong thing is to ignore what is happening to the house. Putting arrows at the corner, having streamers flow down from the house, or offering other gimmicks won't do the job. It really always comes down to pricing.
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