Do I HAVE to lower the price to sell this house?

Real Estate Agent with The Legends of Real Estate, REALTORS®

So, you're a homeowner that wants to sell.  You've had your house listed forever... okay, it just feels like forever but it has been listed for a long time.  And now you feel like you're trapped inside a box.

You haven't gotten any offers or maybe you got an offer or two but they were lowball offers from investors who just wanted to flip it fast for a small profit (nothing wrong with that but if they can buy low and sell a little higher then why shouldn't you just drop your price to the point that they will sell it at later and be done with it?  You pocket the difference between the investors price and the selling price.  But that's a topic for another time and another post.)  Perhaps you haven't had many showings... maybe not even any showings. 

So, do you HAVE to lower your price to get it sold?  The short, easy answer is "Probably" but let's look at a couple of other things before going that route. 

I need for you to answer a few questions (in no particular order of importance) and, before we go any further, let me say this: if you don't know the answers to the following questions then your first step is to get those answers. 

  1. When was the last CMA (Competitive Market Analysis) completed?
  2. Where is your listing being advertised?
  3. How effective are those ads? (How many potential buyers are viewing the ads each week?)
  4. What innovative/interactive tools are being used to gain exposure for your listing?
  5. How many comparable listings have sold during the time you've had your listing and why did buyers choose them over yours?
  6. Are you absolutely certain that you want to sell your house? (If not, then forget it... you probably won't sell it.)
  7. If you have had showings - How many?  When?  What feedback did you get from the agent who showed?  When was the last showing?
  8. What recommendations have you gotten from you agent and have you followed those recommendations 100%?
  9. How will your life be affected if you don't sell the house?
  10. Are you ready to do what it takes to get it sold?

Once we have the answers to these questions, we will KNOW with certainty whether you need to reduce the price or not.  As I said in the beginning, you probably do need to reduce it but maybe not... or maybe not as much as you might fear.  If you have to lower it, then you have to lower it.  The market may not be pretty or what you want but it is what it is.

We would be happy to meet with you and discuss the answers to these and any other questions you might have and give you our professional opinion based on hard data. 

We are employing new and innovative methods to market our listings.  The market has changed and we (real estate agents) must change our methods to meet the new demands of the market and today's buyers.  Traditional methods and marketing are simply not as effective today as they were just a few short years ago. 

Visit our JaxPowerListings website for an introduction to some of our innovative marketing methods and if you like what you see, give us a call.  We'd be happy to meet with you for a free, no-obligation consult.  Before you give up and throw in the towel, give us a call at 904-568-4528.  

We're adding to and changing our methods and tools as the market changes and we believe that change is good!




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Tim Fennell

Jacksonville Real Estate
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