As a homeowner who is selling your property, it is your goal to get the most out of your sale. You probably want to make a hefty profit, but your home might be sitting too long on the market – much longer than you expected.
There can be a lot of reasons why a home is not selling, and while there are things you cannot control, there is one factor that you can change: your asking price. So here are five things that tell you that you should seriously consider lowering your asking price.
1. You are drawing few viewers
One of the very first signs that tell you that you should think about changing your asking price is if you are getting few viewers. Typically, you get the most interest in your property right after you put it on the market, because potential buyers want to view a new home before anybody else would consider it. If you have very few potential buyers asking to view your home, that may be a sign that buyers think it’s way overpriced and would rather wait for the price to fall before seeing it.
2. Your property has been sitting on the market longer than similar houses
Another reason to lower your asking price is if you observe that your home is sitting longer in the market that other similar houses in your area. You could ask a real estate agent to help you find out how long it takes to sell a property in your neighborhood on average. If the average number of days is 35 and you’re pushing on 50, then it could very well be your asking price that is affecting potential buyers’ interest.
What’s more, as your home sits longer on the market, potential buyers will begin to wonder if there is something seriously wrong with it which could delay the sale even more. So if your home is not getting the same attention that other properties do, you should think about dropping your price.
3. You need funds ASAP
If you need to get on with a sale quickly because you need the money ASAP, it may be necessary that you generate stronger buyer interest by decreasing your asking price. You could think about changing the price so that it is a little lower than similar homes in your area, making your home the most competitive one in the neighborhood.
4. You have viewers but no offers
If potential buyers have visited your home and not a single one has made an offer, then that should tell you that something is off. If you’ve had around 30 sets of viewers come and go, your current asking price may be discouraging them to propose an offer.
5. You can’t afford upgrades
The market is competitive, so if you don’t have cash to upgrade your home, then you have lesser chances of getting offers compared to similarly priced homes that are updated. The reality is, potential buyers will look out for homes that are in better condition, so you should price your home realistically if it needs a lot of repairs and upgrades.
If you are not getting a lot of offers for your home and you can’t afford the upgrades needed to get ahead of the competition, you could sell your property to Blue Hen Homebuyers. We buy homes no matter the condition! Contact us today at 910-802-2222 for an offer.