North Columbus News

Price reductions are becoming more common in the current housing market, and real estate professionals are adapting their strategies to help sellers navigate these changes. According to Ryan Melvin of Huntington & Ellis, A Real Estate Agency in Las Vegas, how agents approach the conversation about price adjustments can significantly influence a home's ability to sell.

Melvin advises that agents should help clients view price reductions as a strategic move rather than a setback. "Price reductions aren’t about losing value—they’re about staying competitive. The right adjustment, made at the right time, can re-energize a listing and bring the offers sellers want," Melvin says.

He emphasizes the importance of using up-to-date data when discussing pricing with sellers. "Sellers need a clear view of today’s market conditions, not last year’s data," he explains. Melvin recommends focusing on pending sales rather than closed sales because they reflect what buyers are currently willing to pay. He also suggests showing sellers information on days on market and price history for similar listings so they understand where their property stands.

With inventory levels rising in many markets, pricing aggressively has become more important. Overpricing from the beginning can result in homes sitting unsold for longer periods. "The difference between a $375,000 house and a $390,000 house might be the difference between zero showings and multiple showings," Melvin notes.

When it comes time to reduce the price, Melvin believes that timing and magnitude matter. He has found that reductions between 2%–5% often lead to renewed interest from buyers and increased showings or offers. Additionally, making an adjustment midweek—such as on Wednesday—can help put listings back in front of agents and buyers just before weekend tours.

These strategies aim to keep homes competitive in an evolving market environment.