Every home seller’s goal is to sell the property as quickly as possible at the price closest to what they’re expecting. In the real world, however, things rarely go as you expect. If you’re not quite getting the activity you expected, it may have something to do with your listing price. Sometimes the issue stems from current housing market conditions. Other times it can be due to poor research of your neighborhood and local market.
Either way, reducing a home’s selling price happens more often than you think, and, contrary to popular belief, it doesn’t have to kill your sale. The key, however, is knowing the right time to adjust your price. Listed below are a few factors to help:
1. Comps in Your Neighborhood Are Priced Lower
If comps, or comparable sales, of other homes in your neighborhood or city are selling at a lower price, go ahead and make an adjustment. It may be possible that you priced your home too aggressively under current market conditions. Unless your home is a true standout, you are really better off staying competitive with other listings in your city or neighborhood.
2. You’re Not Getting Any Bites
As mentioned earlier, price is often the biggest factor behind a lack of offers on your home. If potential buyers know they can find a similar property at a better price, they won’t be interested in putting in an offer. And in today’s real estate market, this often happens the moment they see your listing online.
Another indicator that price could be the issue is if you’re getting good attendance during open houses but aren’t get any serious offers.
3. Buyers Want Repairs or Improvements
If you have potential buyers telling you they would have made an offer had you made repairs or improvements to your home, that’s as good a sign as any to knock your selling price down. Most buyers won’t be willing to pay top dollar if they notice your home has dated décor, a clunky HVAC system, or even old yellowing paint. They may, however, be more interested if you sell at a discount, which will leave them with the money necessary to make repairs and improvements on their own.
4. Your Home Appraisal Turned Out to Be Lower than Expected
Many sellers often list their homes without first getting an appraisal. If you’ve already put your home on the market, it’s never too late to get it appraised. If the appraisal turns out to be lower than your asking price, then you know what to do. It’s better to pay for an appraisal of your own rather than risk the contract falling through because of the buyer’s own appraisal.
5. There’s Been a Shift in the Market
Real estate markets can be volatile. If a seller’s market turns into a buyer’s market over the course of a few months, your home’s selling price should also keep up. You may have initially listed your home at a reasonable price, only for it become uncompetitive as the market changes. Unfortunately, there’s not much you can do here, especially if you need to sell the home at all costs.
If you have a home you’d like to sell right away, you can sell it as-is to an investor like Blue Hen Homebuyers! We buy all kinds of houses, regardless of their age or condition. Call our offices today at 910-802-2222 to learn more about how our services can help you.