Is It Time To Reduce The Price of My Home?
If you’re trying to sell your home but not having any luck, there are a myriad of things that may be going on, and there are so many things to consider:
- Is your home being marketed correctly?
- Is your home appealing enough for buyers?
- What kind of real estate market are you in?
- Do you need to reduce the price of your home?
But before reducing the price of your home, here are a few things to consider first:
Is your home being marketed well?
Are the listing photos of your home beautiful and show your home in its best light? Is the listing description accurate and helpful? Do you have a prominent sign in front of your home? Have you held open houses? Is your home listed in enough places online? All of these things (and more!) can play into whether or not your home is selling or receiving any interest. Before you consider lowering the price, make sure your real estate agent is doing an excellent job marketing your home.
What kind of feedback have you received from agents or potential buyers?
Have a few buyers been interested, but ultimately didn't make an offer? If that’s the case, what’s the reason? Does your home desperately need a remodel? Is it something you can fix? Getting feedback on your home or why people may not be ultimately interested can be very helpful in determining changes to make. If something is not fixable (such as the location of your home), then a price reduction may be in order.
Is now just a bad time to sell? (Wrong time of year, bad market, etc.)
There are several factors that are out of your control when it comes to selling your home—maybe it’s been a bad winter and people aren’t looking for homes right now. Maybe there’s an economic recession. Whatever the reason, it’s important to look at the bigger picture. Maybe the right move is to take your home off the market and re-list at a later date.
If all of these things are accounted for, it’s time for you to have a serious talk with your real estate agent about the possibility of reducing the price of your home. Your real estate agent can help provide an analysis of the market and where your home fits in, and what you can do to offer a more competitive price!