ADJUSTINGYOURASKING PRICE.NEW PRICE.CENTURY 21 doesn’t draw attention to the market place that you have reduced your price, we referto a price adjustment as a NEW PRICE so we “re-launch” your property on the market.If the initialmarketing does not attract the desired offers, it may be necessary to consider varying the askingprice. If the price remains the same for too long, the momentum of the marketing program is likelyto fall away, affecting the propertys profile and competitiveness.It is important not to vary the asking price too early because it sends a signal to prospectivebuyers that the price is not genuine or that the vendor is perhaps too keen to negotiate.Varying the asking price too late sends a signal that the seller is not aware of, or prepared to listento, market forces - in other words, not genuine or realistic. Qualified buyers lose interest and theopportunities for receiving high offers diminish, along with the potential of achieving the best priceat the end of the day.Research with past satisfied sellers tells us that there is a simple two-point rule indicating theappropriate time to vary the asking price.This rule is known as the Best Practice 2-2-7 Rule. There are two conditions which must be metbefore this rule can be applied.1. The property must be well-presented and2. The property must be professionally marketed to attract the attention of all current prospectivebuyers in the priceProvided these two conditions have been met, research indicates that residential real estateachieves its best price if the asking price is varied when there have been two advertisements andno response, or two open homes and no shows, or seven inspections and no offers.