Real estate markets typically, particularly in Calgary, experience a ‘spring market’ with an influx of buyers and home inventory.
Many Realtors will recommend making price adjustments at this time, however, before doing so it is important to consider the type of market you are experiencing in your area. If it is a buyer’s market, this means that buyers will want to get exceptional value for their money. They’re less willing to ‘overpay’ for the perfect street, their dream kitchen, or get involved in a competing offer situation. Regardless of what you are priced at, the buyers will want an even lower price. Unless you are experiencing massive pressure to have it sold, you should rarely drop the list price all the way to your bottom line. Instead, consider being patient and staying the course while also being proactive.
You need to be sure to have a Realtor or real estate team that is being proactive as well. They can’t just list it and forget about it until an offer comes in. They must follow up on leads and showings as well as continue to actively market the property. Ensure that you have new photos taken seasonally, open houses are hosted when there are significant price adjustments, and additional advertising is occurring in the newspaper, social media, or other channels.
These steps will likely yield a higher sales price than just dropping the list price.