Your Dutchess County home has not sold. Should you drop the price?

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!