The Truth About Price Reductions: When (and When Not) to Lower Your Price in Coastal Virginia

If your home is on the market in Coastal Virginia and you’re not seeing any offers, it’s completely normal to start considering a price reduction. This is often the first suggestion sellers hear. But is it the right move for you?

From my experience, a price drop can be a smart, strategic decision—but it can also backfire if done too soon or without a clear understanding of the situation. Before you make any changes, let’s take a step back, evaluate what’s really going on, and figure out the best path forward for your goals.

Let’s explore when a price reduction is a good idea—and when it’s not.

The First 7–10 Days Are Critical

When your home first hits the market, that’s when it garners the most attention. It appears in saved searches and catches the eye of motivated buyers who’ve been keeping an eye on the market. If you don’t see traction during this initial window, it’s usually a sign that something isn’t quite right.

Sometimes the issue is the price. But just as often, it’s about how the home is presented or how widely it’s being marketed.

If the photos don’t highlight your home’s best features, if staging wasn’t done effectively, or if the marketing didn’t reach the right audience—dropping the price won’t address the real issue.

That’s why we always take a strategic approach, especially during those first crucial days.

What the Data Is Telling Us

We’re not the only ones noticing an uptick in price reductions lately.

Redfin reported that 24.3% of listings had at least one price drop in March 2025—a significant increase from just a year ago. This trend reflects a more cautious buyer pool. With higher interest rates and tighter budgets, buyers are doing more comparison shopping and taking their time.

But here’s the key takeaway—homes with multiple price cuts tend to sell for less than those that were priced correctly from the start. Frequent price reductions can send a message: something’s wrong with this property.

That’s not the impression we want associated with your home. Pricing your home accurately with your real estate agent's professional insights isn’t just a step; it’s a crucial strategy for a successful launch that attracts offers and helps you secure the best price.

When a Price Reduction Makes Sense

There are definitely times when adjusting the price is the right call. Here’s when we'd recommend it:

• You’ve had consistent showings, but no offers. This often indicates that buyers see the home as a fit—but not at the current price.
• Similar homes nearby have sold—and yours hasn’t. If the comps are clear and buyers are comparing, we need to reassess our position.
• The original list price was more aspirational than strategic. This can happen, especially if you launched with hopes based on last year’s market highs.

In these situations, a well-considered price adjustment—paired with a fresh marketing push—can help reignite interest and get your listing back in front of serious buyers.

But…

When You Should Hold the Line

Sometimes, it’s not about the price. Dropping it won’t fix the underlying problem.

Before we suggest any adjustments, we’ll ask:

• Was your home marketed to its full potential? High-quality visuals, strong listing copy, and targeted exposure make a big difference. If those elements were lacking, we’ll address them first.
• Were showings easy to book? If buyers couldn’t get in—or had limited availability to view the home—we may not have seen the full demand yet.
• Were early offers dismissed too quickly? We’ve seen sellers turn down strong offers simply because they didn’t match the list price. The first offer often starts the conversation, not ends it. With the right counter and data-backed negotiation, we can still get you where you want to be.

Lowering the price too quickly, without adjusting your approach, can backfire. It's not just the price that matters; it’s about how buyers perceive the value they’re getting.

What We Do Instead

Before making any changes, we take a moment to audit everything:

• We review the photography and staging. Are we showcasing your home’s strongest features?
• We look at buyer feedback. What are we hearing in conversations or showing reports?
• We relaunch marketing if necessary. If the first round didn’t gain traction, we’ll try again—with fresh eyes and renewed energy.

Sometimes just repositioning the listing—without changing the price—can make all the difference. We’ve had properties sell at full asking after updating the photos, rewording the description, or changing our strategy for promoting the home. It’s not always about the price; it’s about how the home is presented.

The Real Cost of Overcorrecting

If a price drop is too steep—or happens more than once—it can send the wrong signal.

In fact, a 2024 NAR report found that homes with multiple price reductions sold for 6.7% less on average than homes priced appropriately from day one. This means that reducing the price repeatedly can lead to a lower final sale price than simply pricing it right (and being patient) from the start.

So before we touch that list price, we’ll explore all the options. Because reducing the price is usually a permanent decision.

Selling Smart in 2025

In this market, pricing is powerful—but it’s not the only tool we have. The goal isn’t just to sell; it’s to sell with confidence, clarity, and the best possible outcome for your next move.

If you’re feeling uncertain about what to do next—or wondering whether a price drop is the right step—we’re here to help you sort it out.

Let’s take a look at your home, your market, your buyer feedback, and make the decision that makes the most sense for you.

Your home deserves a thoughtful plan—not a rushed reaction.