Picture of a house

Your Dutchess County house has been on the market for almost a year and still failed to sell despite a couple of small price reductions.

What can you do now? You want to move on with your life and get out of town, especially after this harsh winter.

Oh, and by the way, you already have switched agents; actually you have had your home listed with 4 different agencies.

So, what is this telling you? The power to get the home sold is not only with the real estate agent but also with you.

We all know that the market is not where we would like it to be, but, some homes have sold. Do you know what the major reason is why a home remains on the market? Price!

Oh, but you want to hold out just a few months just in case that buyer comes along? Bad move!

During that time the mortgage rates are trending up, changes in conventional and FHA loan guidelines have changed making it harder to get a loan or the buyer can afford even less because of new rules.

Do you get my drift? The sooner you do the price reduction the better off you will be; yes, you will actually get more for your home.

So while you sit and ponder whether you should drop the price of your home here are a few points to keep in mind.

  • Your house is only worth what someone is willing to pay, or in other words what the market will bear.
  • It is worth what the bank will appraise it at, if financing is required.
  • Agents market your home to facilitate the sale but you Mr. or Ms. Seller will need to be part of the negotiating team; drawing a line in the sand won't work.
  • Keep in mind that with high inventory and the days on market increasing you are in a Buyer's market so you will need to be more willing to adjust your price.
  • Your agent can give you a current market analysis to show you why you should drop your price.

So stop putting off the inevitable just do it!

Copyright © by Jennifer Fivelsdal, all rights reserved-Your Dutchess County home has not sold. Should you drop the price?

Jennifer Fivelsdal - JFIVE HOMES REALTY LLC - 845-758-6842- jennifer@jfivehomes.com

www.jfivehomes.com or www.midhudsonhomevalue.com

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This post has been included in New York Real Estate News Dutchess County, NY Real Estate News
Post is included in group: Almost Anything Goes
Post is included in group: Hudson Valley Real Estate and Mortgage Professionals
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14 Comments on Your Dutchess County home has not sold. Should you drop the price?

MAR
03
2011
813,093 Points 243 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

If a home hasn't sold, it means the court of public opinion has ruled against it. I now take my laptop on all listing appintments to show sellers the market activity firsthand. It makes a difference. 
11:50pm • #1
248,555 Points Outside Blog

Jennifer, you have spelled it out very clear why the seller needs to price the home at what the market prices it at.  If you chase the market down you lose!  It is hard, but the seller has to listen and act!
11:53pm • #2
125,466 Points 1 Featured Post Outside Blog Called Shot Master

Great post, I've fought this battle several times, you really have to encourage your clients to do what's best for them
11:59pm • #3
MAR
04
2011
758,773 Points 37 Featured Posts Outside Blog Called Shot Master

Good Morning Jennifer.....great points...Nice post!
Hope you have a great day!---Rob
6:19am • #4
422,572 Points 7 Featured Posts Called Shot Master

Good morning Jennifer;  Seller must understand this, and trust their Realtor to help with the RIGHT price.

Well said.
6:30am • #5
1,110,544 Points 72 Featured Posts

Too many sellers make the mistake of waiting for the "right" buyer. If you have not received any offers, the price is NOT right!
7:41am • #6
878,777 Points 75 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

If a home has been on the market for a year and has not sold I would thing the answer of whether or not a price reduction is needed is pretty clear!
7:47am • #7
802,685 Points 20 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

"Drawing a line in the sand won't work" - truer words never spoken to a seller!
7:54am • #8
1,328,321 Points 188 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Sometimes TOO the market prices drop and you have to follow them down. Sellers HATE to drop the price but sometimes it is necessary.
2:55pm • #9
1,309,202 Points 65 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Jennifer Dutchess County homeowners are fortunate to have your expertise available to them - very well done 
4:51pm • #10
1,358,888 Points 243 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Jennifer you are right on target with this blog.  Sounds like this Seller has to really decide whether they want to sell there house or not, and stop waisting their time as well as everyone elses.
8:06pm • #11
1,156,252 Points 29 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Phillip- I too use the most recent market activity to drive the point home.

Bruce- Chasing the market down is always a bad decision.

Brian you do, but not everyone pays attention.

Rob-  Thank you, and I hope you had a good day too.

Kenneth - Doing that would make things easy.

 
10:15pm • #12
1,156,252 Points 29 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Larry and Sheila, so true.

Bill I think emotions play a big part in the denial process.

Gary In this market sellers need to be flexible.

Gary - In most market a drop is the trend.

Karen - Thank you, I so believe in educating the public,  so they can make better buying and selling decisions.

George It is a decision many sellers will have to deal with this spring.
10:34pm • #13
MAR
15
2011
1,452,718 Points 46 Featured Posts Outside Blog Called Shot Master

Jennifer, I have seeen cases where the sellers have to chase the market down.
6:40am • #14

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Dutchess County homes for sale | Dutchess County Communities

Jennifer Fivelsdal LIC. R.E. Broker

Rhinebeck, NY

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JFIVE Home Realty LLC |Columbia,Dutchess,Ulster Counties

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