- 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
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