Lowering a home price doesn’t exactly make sellers jump for joy. Hear us out. If your home isn’t selling, the price might be too high. Someone had to say it, so it might as well be us! There are several ways to tell your home is listed too high for the market and we’ve included them below:
- You’ve had a lot of lookers, but no offers. If you’ve had 15-30 potential buyers come through your home with no offers, your home’s price may be the cause. A high price can discourage even very interested buyers because many have a strict budget to stick to. In fact, you may even discourage potential buyers to tour because of the price. Find out from your agent what other agents are hearing from their clients.
- Your home has been on the market longer than comparable homes. When a home sits on the market too long (for whatever reason, even too high asking price), buyers want to know what is wrong with it. A home new to the market is more likely to get offers, because new inventory is highly sought after and considered more high demand. If homes comparable to yours have sold at a lower price, you may need to consider following suit.
- You must sell quickly. To generate interest and ensure an offer (or more) quickly, a lower price is the answer. If you’ve already purchased a home or have a timeline for selling, you may need to adjust the price very soon after listing if offers aren’t coming forward. In addition, if a lower price does bring more than one interested buyer, a multiple offer situation is never a bad situation to be in.
As a realtor, it is our goal to sell your home quickly and for the highest price. However, keep in mind, that buyers are savvy and they have done their research. If your home’s price isn’t reasonable for the market, lowering your price will increase offers and help you sell quickly. If you have further questions or want to schedule a complimentary home evaluation please call us at 218-820-7355 or email sales(at)upnorthproperties(dotted)com.