Why might a seller agree to a price reduction during negotiations?

A seller might agree to a price reduction during negotiations primarily to sell the property quickly due to financial pressure. When a seller faces urgent financial obligations, such as needing cash for another investment, covering pressing expenses, or wanting to avoid foreclosure, they might prioritize a faster sale over maximizing their sale price. By reducing the price, the seller can attract more potential buyers, increase competition, and expedite the closing process, which helps alleviate their financial burden more swiftly.

In the context of real estate, especially in a fluctuating market, timely decisions can be crucial. Sellers in financial distress may recognize that maintaining a higher asking price could extend the time the property remains unsold, potentially leading to further financial complications or losses. A price adjustment can thus serve as a strategic move to facilitate a quick transaction in challenging circumstances.