We all think our homes are worth more. Why wouldn't we? You live there! But even if you are in People Magazine's Top 100 for fame and fortune, your presence alone probably isn't going to raise the market on your house, especially now.
Remember taking medicine as a kid? It wasn't good at the time, but it did restore you to health in the long run. Price reductions are kind of like that. The sooner you get it over with, the better off you'll be down the road. Stats show that the longer it takes you to get to market value, the lower the sales price will be. Lowering the price with strategy keeps people that are casually watching your home engaged, and potentially turns them into actual...buyers!
When I purchased my present home, my wife and I did this. We watched the house online. We saw a price reduction. We went and saw the house. We considered placing a contingent offer on our home selling. Then a significant price reduction occurred on the house we liked. We knew it was a good deal, so we placed a non contingent offer, got the house, and ended up renting out our other one. What prompted our sudden move to purchase? That big reduction.
It's not easy considering the bottom line and thinking your equity has been stripped away. But there are worse things--like not selling, or selling at an even lower price. And chances are, if you are buying another house when you sell, and it's bigger, you'll actually make money in the long run. There you have it--a happy ending can be in the works either way. The question is, how long are you going to let pride stand in the way of getting you to the place you want to be--both physically and financially?
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