Determining the asking price of a home can be difficult, especially in certain regions of the country where there is a shortage of equivalent homes sold recently (also known as Comp).Sure, you can get the help of Real estate agent.. But they are just people, and they make the same mistakes as you and I.
So let’s say you list your home and ask what you consider to be absolutely It’s a fair price. Still, there are no offers …
What do you get? What’s wrong? Is it the asking price or something else?
In this article, you’ll learn some important ways to know when it’s really time to lower your asking price. please.
When it’s time to lower the asking price of your home
1. Your home has been listed for a long time.
So this may seem pretty obvious, but you have to take it with a grain of salt. Depending on your market, the house can sit in MLS for a long time without selling.
However, in general, if your home has been on the market for more than two months and you haven’t eaten it at all, it may be time to seriously consider lowering the asking price and starting to put nibbles on the hooks. Hmm. ..
If your property has been listed for a while and you encounter one or more of the following issues, lower it now!
2. There are many shows and no offers.
People are visiting your home, but no one has made an offer?
Your asking price is exactly that and what you are looking for, but the number affects how people make offers. The general public is not interested in making “lowball” offers to those who want to sell their home.
Therefore, if you have received a lot of shows but no one is offering them, consider lowering the asking price.
3. The agent has suggested to you many times.
Did your agent recommend listing it in a smaller number in the first place? Did a month or two pass without an offer while they recommended lowering your price?
If you trust your agents to sell your home, but don’t pay attention to their advice on selling prices, you may want to rethink your decision to hire them. If not, change the way you think and make their recommendations.
4. The buyer told you that the price is too high.
Many modern agents receive feedback from each person who attends a show in your home. This feedback can range from as minor as whether they are interested in your home to as major as they think about their condition or neighborhood.
Valuable information (again, what you should catch with a grain of salt) is what future buyers think about the asking price after looking at your home.
If you’re parading buyers through your home and many of them are coming back and telling you that your price is too high, it may be time to hear, though.
5. Competition is selling cheaper.
This should be pretty easy for National Association of Realtors members to see, but as a seller you also need to be careful. If you have a comparable home in your area that sells at a lower price than you’re looking for, why would someone want to buy your home at a higher price?
Answer … they don’t!
Related: 10 tips for negotiating like a pro
6. Only better homes are sold in your price range.
This is another sign that the asking price needs to be lowered. It may be good if there are homes in the area that sell around your asking price. Problems occur when these homes are much better (granite counters, better floors, etc.) or much larger.
If any of these cases are prevalent in your area, you should strongly consider lowering the asking price of your home and attracting buyers who would otherwise pass by.
Sell your home!
Unfortunately, just because you’re asking someone to pay a certain amount to your home doesn’t mean that the buyers there are willing to pay it. If you find yourself in any of these situations, you will need to consider adjusting the asking price for a long time.
Of course, if you’re not in a hurry to sell your home and you think the asking price is reasonable, just play the game you’re waiting for. I hope the right buyers will come. However, the large number of homes for sale at any given time for 180 days or more indicates that it is much wise to swallow pride and lower its price.
Good luck and sell!
Is your home on the market? for how long? Why do you think so?
Let’s talk in the comments section below.