When to Reduce the Price of Your Home

By
Real Estate Agent with Better Homes and Gardens Real Estate-Kansas City Homes

You've looked at the comparable sales...you've consulted with your agent to set a fair and marketable price for your home.  However, it's been on the market for several weeks now. What's wrong?

 

There is no one definitive  answer as to why your house isn't selling. It could be a in a poor location; it could need updating; it may not show well (lots of personal items and clutter). Most often, the price is too high. Here are are three signs you should lower the price of your home:

 

1.  Many showings, no offers.  Sure, buyers are picky! But if you've had several showings, favorable feedback and no offers...buyers just don't see the value in the price compared to the product.

 

2.  Upgrades are needed.  I see this often in homes of seniors who have relocated to assisted living. The carpet is old and worn; walls need painting, the roof is in poor shape, the kitchen hasn't been redone in 20 years or more!  If you can't afford to update your home to appeal to today's buyers who often want 'move in ready'--compensate by lowering the price.

 

3.  The competition has changed. You and your agent should keep up with any new listings and houses that go under contract while your home is on the market. Buyers are looking at several homes that fit their criteria and price range. Take an honest look at how your home stacks up against the changing competition.

 

So many sellers have a strong emotional attachment to their home--as they should!  It's a big part of your daily life! However,  your home is worth what a buyer is willing to pay.  Detach yourself emotionally and treat your home like the product it is.  Lowering the price could be the key to getting an offer.

 

Thank you for reading my blog. I am here to help buyers and sellers in the greater Kansas City metro area!

Posted by

Mary Hutchison, SRES, ABR

(Brookside/Armour Hills resident, local business supporter, NPR fan, Habitat ReStore volunteer, thankful for the gift of another day!)

**********

Better Homes and Gardens Real Estate/Kansas City Homes

mary.hutchison@kansascityhomes.com

816 510 1262

www.maryhutchison.org

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Pat Starnes-Front Gate Realty 03/17/2016 01:58 AM
Topic:
Home Selling
Location:
Missouri Jackson County Kansas City
Tags:
brookside real estate agent
mary hutchison

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Rainmaker
797,509
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Mary - You make some excellent points in this post about when it may be time to reduce the list price, and I would have to agree with all three.

Jan 28, 2016 06:19 AM #1
Rainmaker
4,041,537
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Mary, great blog, and there can be many reasons a listing hasn't sold. 

Jan 29, 2016 11:02 AM #2
Rainmaker
1,161,537
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Mary, we seem to be on the same page here. A home is worth what a buyer is willing to pay is so true.  And if a home is not selling in a low inventory market you just know you are overpriced.

Feb 10, 2016 05:49 AM #3
Rainmaker
576,976
Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

Very well written! I might add one more reason - and that's the fact that no-one is looking at the property at all. Buyers (and agents) routinely eliminate a property when they don't see the value. If the price is higher than competing properties with similar features and size, the property may not stand a chance at its current list price.

Mar 17, 2016 01:36 AM #4
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Rainmaker
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Mary Hutchison, SRES, ABR

Experienced Agent in Kansas City Metro area
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