Price reductions are commonplace in today's real estate market.  Many days, they actually outnumber the number of closed sales & new pending sales. Price reductions happen because the seller or real estate agent overestimated the market value of the property in the beginning and the buyers reject it.  Dropping the price is not necessarily a bad thing, it happens.  But, the key reason to drop the price is to spark some interest, generate some activity, and hopefully, an offer. Many times though the seller only … [Read more...]