4 Ways to Check If It s Time to Reduce Listing Price Showing SuiteShowing Suite
Post on: 26 Июнь, 2015 No Comment
4 Ways to Check If Its Time to Reduce Listing Price
Is my house overpriced?
Its a question that crosses every sellers mind at some point if theyre attempting to sell their property. Properly pricing a home to sell can be tricky, especially if a seller is trying to sell in a slow market or if their home value has depreciated since they purchased it.
Still, its crucial that the listing hits the market with an attractive, and reasonable, price tag. Despite knowing this, some sellers will attempt to list a property above market value with the old start high, come down later” routine, but this poor practice can leave a home stale on the market with little hope of selling.
So if youre sitting around wondering, Is my house overpriced?” then ask yourself these 4 questions first:
- Is your home priced to compete with neighboring listings?
Before putting your home on the market, your agent should have presented a comparative market analysis – or CMA – to determine what the ideal listing price is for your home. Review all of the recent activity in your area to weigh the likelihood of your home selling at the price in mind. If your house is listed far above what any home in the area has recently sold for, then the answer to the question Is my house overpriced” is a resounding YES!
Houses fresh on the market generally experience a large amount of showings within the first few weeks of being listed. If your house has had little traffic (and isnt in shambles) then you may need to reduce the listing price. Dont get stuck in well just see what happens” mode – a home sitting on the market for too long makes buyers wonder if theres something wrong, which will only add to the issue.
This scenario is where sellers may find themselves asking Is my home overpriced?” on a near-daily basis. If youre at this point and your home is priced well above comparable homes also for sale in the area, it may be time to reduce the listing price. If youve done your homework and priced your home according to the CMA from the start, then it may just be the right buyer hasnt come along yet.
A good real estate agent will present the most comprehensive data in order to build a solid case for the suggested listing price. If you speak to multiple agents, all suggesting listing prices in the same ballpark, then youre being pointed in the right direction. If you come across an agent that strays from the pack – run. These agents may not be experienced in your area or have your best interest at heart.
Once youve answered the questions above, answering your original question of Is my house overpriced” should be a cinch and your next course of action should be a given.
If your house is overpriced, have a sit-down with your listing agent to determine what the listing price should be reduced to. If its not, call a meeting with your agent to see how you can get more exposure for your listing and draw in more buyers.
Do you know what buyers think of your home?
Feedback is essential while selling your house. Make sure your agent is giving you fast, accurate feedback from buyers agents.
