Is it time to lower the asking price?

Is it time to lower the asking price?

Price is critical when you sell your home.  You obviously want to sell for the most you can. You set a price….and wait…and wait.  Is it time to lower the asking price?  Ask yourself….

1. Are many families coming to view your home?

Typically the first few weeks a home is on the market are the busiest.    If your real estate agent reports there have been few buyers calling about your home this is a sign buyers think it’s overpriced. Buyers will wait for the price to fall before viewing it.

Buyers are savvy.   They have been shopping and know what they can get for their price point.  If you are overpriced you will not compete.

It is time to lower the asking price.

2. On the other hand do you have a ton of lookers but have no offers

What are the buyers agents telling your agent about your home? Their feedback is valuable.  An overly high price may be discouraging buyers from making an offer. Or there may be a problem that makes your home undesirable, is there a cigarette smell, high voltage wires, or  a noisy street nearby.

It is time to lower the asking price.

3. Your home is sitting on the market and your neighbor has sold

What would you think if a home you liked had been on the market for 180 days?  Would you be concerned about what is wrong with it? Of course you would!  If you had a good agent he/she would examine what its price has been in those 180 days.  Price has not changed…..maybe the seller is unrealistic and buyer should move on.  Or maybe there is a problem?  Perception is important.

It is time to consider lowering the asking price.

4. Do you have a deadline

It may be necessary to generate buyer interest by dropping your price.   Sometimes time is more critical than money.  If you need to move quickly look for a cash buyer and lower your price a bit.  You may be able to avoid inspections and appraisals.

It is time to consider lowering the asking price.

5. You can’t make upgrades

Maybe your home needs paint and carpets. It just is not in great shape.  It is dated.  It’s time to accept that buyers expect to pay less for a home that doesn’t show as well as others.

It is time to consider lowering the asking price.

6. Has the competition has changed

Ask your Realtor to check the competition.  Have some new homes hit the market that shine brighter than yours and are asking less?

It is time to consider lowering the asking price.