Special offer

Sellers, here's why you need to lower your house price NOW! Janice Roosevelt, Keller Williams Real Estate, PA & DE

By
Real Estate Agent with Keller Williams Brandywine Valley PARS273421 & De Lic.

 

  • First, get it out of your head that lower your price is the "last gasp;"  that buyers will  refuse to pay  fair market value. Get in the drivers seat and allow your realtor to guide you WHEN and HOW much to lower your price to get it SOLD. 

 

  •  If your open houses are poorly attended, few buyers are calling to make  appointments, and numbers are dropping on your web site views, then your house is overpriced, and the buyers are waiting for it to be reduced. 

 

  • You haven't had an offer?  Some experts say 10 showings should yield at least one offer; others say 30. It depends on many factors, not least of which is the market. The bottom line: If you’re house is getting showings but no offers, it is overpriced.
  • If your house has been on the market longer that average market time for your kind of house and neighborhood, it's time to make a change on price.
  • If the competition is priced lower, then your house will be perceived as having "lesser value."  Price ahead of the market, slightly below the competition.
  • if your house needs work - new paint, carpet, a roof or HVAC systmen on its last legs, andyou are not willing to make the grade with those things,  then prepare NOT TO SELL your house in this market for top dollar; your price needs to reflect condition.
  • Let's say you've done everything right - from repairs to staging, from superb online photos and viritual tour to innovative marketing tecnhiques. Still not moving? It's the price.
  • What is time worth to you? Can you afford to wait? Can you afford to take a chance that more market time means a "stigmatized" property? To throw monthly mortgage and tax payments away?  If not, price your house to sell. 

jroosevelt@kw.com

 

 

 

 

 

Comments (7)

Jeff Jensen
The Federal Savings Bank/Lending in 50 states - Greenwich, CT

Our realtors tell sellers that if there is no offer within two weeks the price must come down.

Oct 26, 2011 10:52 AM
Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

there are factors that play into it; each area seems to be slightly different

 

Oct 26, 2011 10:53 AM
Payam Bakhaje
DC Realty Online LLC - Washington, DC
Licensed in DC, MD and VA

You Know Janice, if the property priced right , the seller acually will get fair share of this market by attracting multiple offers. They need to know the price would adjust to market value. Thanks for your post.

Oct 26, 2011 10:54 AM
Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

Payam, you're right. There ARE multiple offers happening. I just had buyers who were involved in a multiple offer situation. Thank you for your comments

Oct 26, 2011 10:57 AM
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Janice we're in a market that if the homes is in good condition and priced correctly they can expect muliple offers within days.  Just this week we had another one that had 4 offers within 4 days.  And more on the way. 

Oct 26, 2011 11:17 AM
Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

Anna, that is awesome and a great testimony to pricing it right!

Oct 26, 2011 11:26 AM
TERI LINDSAY
Reno, NV
STAGELIGHT HOME STAGING CO.

Janice..... yes, sellers will get a price set in their minds with tens of thousands of dollars worth of "sentimental value"...... if only they would listen to their Realtor working as their listing agent, whom knows the market value of the property based on their research of comps of the neighborhood, and the condition of the house. Your points are valid and well stated.

Oct 26, 2011 06:23 PM