The point of selling your house is to get the most money possible. So why in the world would you lower the listing price? If your house is not selling, there are several reasons that you may not be able to do anything about, like a unique home layout, location or the school district. If you are serious about selling, the listing price is one thing you can control and there are several reasons why you might want to lower yours.
You’re drawing few lookers.
You get the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers calling and asking to tour your home than there have been for other homes in your area, that may be a sign buyers think it’s overpriced and are waiting for the price to fall before viewing it.
You’re drawing lots of lookers but have no offers.
If you’ve had plenty of potential buyers come through your home and not a single one has made an offer, something is off. An overly high price may be discouraging buyers from making an offer.
Your home’s been on the market longer than similar homes.
Ask your real estate agent about the average number of days it takes to sell a home in your market. If you have been on the market longer than the average, your price may be affecting buyer interest. When a home sits on the market, buyers can begin to wonder if there’s something wrong with it, which can delay a sale even further. This is a crucial time to lower your price.
The competition has changed.
If weeks go by with no offers, continue to check out the competition. What have comparable homes sold for and what’s still on the market? What new listings have been added since you listed your home for sale? If comparable home sales or new listings show your price is too steep, a price reduction is needed to sell your house. Remember, it’s the market that determines what your home is worth, so be sure to listen to what the market is telling you.
You can’t make upgrades.
Maybe you’re plum out of cash and don’t have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn’t as well-appointed as similarly priced homes. It’s time to accept that buyers expect to pay less for a home that doesn’t show as well as others.
You have a deadline.
If you’ve got to sell soon because of a job transfer or you’ve already purchased another home, it may be necessary to generate buyer interest by dropping your price so your home is a little lower priced than comparable homes in your area. Remember: It’s not how much money you need that determines the sale price of your home, it’s how much money a buyer is willing to spend. The better the value, the sooner someone will buy it.
For more information on current market prices in your area or a free valuation of your current home price, call Helen today at 847.967.0022 or email [email protected].