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!