Six reasons to reduce you home price

While you’d like to get the best price for your home, you might want to consider our six reasons why you should reduce your home price. 

1. 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 REALTOR reports there have been fewer buyers calling about 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.

 2. You’re drawing lots of lookers but have no offers.

If you’ve had 30 sets of potential buyers come through your home and not a single one has made an offer, something is not right. What are other agents telling your REALTOR about your home? An overly high price may be discouraging buyers from making an offer. 

3. Your home’s been on the market longer than similar homes.

Ask your REALTOR about the average number of days it takes to sell a home in your market. If the answer is 30 and you’re pushing 45, 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. At least consider lowering your asking price.

 4. 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. 

5. You can’t make upgrades.

Maybe you’re 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. When your home has been on the market longer than comparable homes in better condition, it’s time to accept that buyers expect to pay less for a home that doesn’t show as well as others. 

6. 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, consider a price reduction. 

For more useful information about selling your home, keep checking back here.


One comment

  1. If you’re looking at selling, it’s best to choose neutral or beige colors. While it may seem boring, it sells better. If you’re updating for an appraisal, be aware that anything too far out of the ordinary may decrease the appraisal due to the perception that it will make the home more difficult to sell should the need arise.

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