These six signs may be telling you it’s time to lower your 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 when the roof has just been installed (by roof companies in Denver or elsewhere) and all the fixtures and fittings are relatively new. If your real estate agent 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 off. What are other agents telling your agent 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 real estate agent 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. You could also take an alternate route and Sell your house fast to zee holdings CT or other similar firms.
5. You can’t make upgrades
While upgrades can cost some amount of money, you should try to do them if you want to sell your property. Try to put fresh paint on the walls, clean the carpets, make Roof Replacement, check the electrical outlets, and carry out the essentials. The feedback your agent is reporting from buyers is that your home isn’t as well-appointed as similarly priced homes. Of course, ensuring that all of the electrical features are intact and there are no issues with the plumbing is essential (you can always visit Mister Greenway’s plumbing services in Memphis for a helping hand), having some extra features to the home can be what attracts potential buyers. 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.