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6 Reasons Why You Should Reduce the Price of Your Home

6 reasons to reduce the price of your home

Has your home just been sitting on the market with no offers?

 That could happen for a number of reasons that are outside of your control. Like a unique home layout, or having one of the few homes in the neighborhood without a garage. However, there is one factor you can control: your home price.

These six signs maybe telling you it’s time to lower your price.

1. You’re drawing few lookers – you got the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports that there have been few buyers calling about and asking to view your home than there have been for other homes in your area, this might be a sign buyers think it’s overpriced and are waiting for the price to fall before viewing it.

2. You’re drawing lots of lookers but have received no offers – if you’ve had 30 sets of potential buyers come through your home and not a single one has made an offer, something is off. What are other agents telling other agents about your home? An overly high price may be discouraging buyers from making an offer.

3. Your home’s been on the market longer than similar homes – Ask your realtor about the average number of days it takes to sell a home in your market.  Buyers can begin to wonder if there’s something wrong with it, which can delay a sale even further. At least consider lowering your asking price.

4. You have a deadline – If you’ve got to sell your house soon because of a job transfer, or you’ve already purchased another home, it may be necessary to generate buyer interest by dropping your price so your home is priced a little lower than comparable homes in your area. Remember its not how much money you need that determines the sale price of your home, it’s how much money a buyer is willing to spend.

5. You can’t make upgrades – Maybe you’re out of cash and don’t have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn’t as well appointed as similarly priced homes. When your home has been on the market longer than comparable homes in better condition, it’s time to accept that buyers expect to pay less for a home that doesn’t show as well as others.

6. The competiton has changed – If weeks go by with no offers, continue to check the competition. What have comparable homes sold for and what’s still on the market? What new listings have been added since you’ve listed your home for sale? If comparable home sales or new listings show your price is too steep, consider a price reduction.

Content courtesy of Home Logic, Realtor.com.

CALL PAM AND JOANNA TODAY FOR MORE INFORMATION ON HOW WE WILL YOU SELL YOUR HOME.

PAM PARTON: 760-580-1615                              JOANNA WOOLLEY: 760-580-1630