Tell-Tale Signs You Should Reduce Your Home Price

Tell-Tale Signs You Should Reduce Your Home Price

While the main goal of any home sale is for the seller to get maximum value, it can sometimes be challenging to determine the exact maximum value price. However, it doesn't usually take long before a seller knows if he or she over-priced their home. There are some key tell-tale signs that will let you know.

The best course, obviously, would be to appropriately price your home in the first place. If you hire a good real estate agent, you're much less likely to run into this problem. But... if this does not happen for some reason or another, it's important to know when to drop the price.

Below are six tell-tale signs that you may have overpriced your home. According to Houselogic, these are good indicators that it's time to lower your asking price.

1. You’re drawing few lookers

You get 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 there have been fewer buyers calling about and asking to tour your home than there have been for other homes in your area, that may 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 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 your agent 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 real estate agent about the average number of days it takes to sell a home in your market. If the answer is 30 and you’re pushing 45, your price may be affecting buyer interest. When a home sits on the 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.

Not all homes stay on the market long - Read this client success story!

4. You have a deadline

If you’ve got to sell 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 a little lower priced than comparable homes in your area. Remember: It’s 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.

Read the full article and get the last two signs here.