Asking Price: to Drop or Not to Drop

By
Real Estate Agent with Keller Williams Realty Atlanta Partners 242866

For more than a year, it’s been the happy trend across the nation for the average DOM (days on market) for residential properties to have been declining. It’s a “speed of sale” measure—one that most Henry County home sellers hope will reflect that it won’t be long before they are handing the keys to happy new owners.

There are some ruling considerations that go into establishing a winning Henry County asking price. One is psychological: thinking of a buyer’s frame of mind, most people don’t want to be the only ones who are interested in a house. When a slightly lower-than-comparable asking price is part of the marketing message, it draws a crowd. Another consideration is the search bracket. Knowing how buyers tend to bracket price range parameters for similar Henry County homes is something I can help with. If comparable homes have been selling in a range that tops out at $400,000, asking $410,000 (so you can discount it in later negotiations) is a mistake: your property won’t even appear on search results you’re aiming for. 

It is said that pricing is an ongoing discussion—something that holds true if the activity level is less than expected. In every dissertation, oration, article, comment, FAQ, and essay about successful house sales, the dictum is the same: if the place doesn’t sell, first check the asking price.

Sometimes that truism can seem indisputable. If the property in question has been listed at an asking price that’s higher than comparable Henry County houses—other homes that have sold—unless outside factors have slowed all area sales, the asking price is probably the stumbling block. A homeowner can quite reasonably object that their property has unusual qualities that make direct comparisons with other Henry County homes inexact, but that logic may not be powerful enough to counter the market figures that buyers can see (remember that they don’t want to be the only ones who are interested). Sometimes even for a home that shows spectacularly, lowering the asking price can be the simplest and quickest route to a “sold” sign on the front lawn.

In the case of those Henry County homes where Henry County asking price conformity isn’t the issue—as when there simply are no other properties that are at all similar—if lowering the asking price is not indicated, it will simply become a waiting game: waiting for the buyer who appreciates the special character of the property. The good news is that there IS a buyer out there for every property; the bad news is that unique properties attract unique buyers—as in, there are fewer of them. But there is some second good news: when they do show up, they are apt to fall in love with the place!

Pricing is part math and part skill, and since the market is constantly changing, it’s a skill that rewards experience tempered by consistent monitoring. I monitor Henry County real estate full time so I can provide the most timely assistance and advice in all phases of selling and buying. I hope you’ll give me a call!

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Topic:
Home Selling
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Georgia Henry County
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Keller Williams Active Rain Bloggers
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Tags:
home in henry county
homes in henry county stockbridge home search
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Rainmaker
3,982,614
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Changing the price is not always an easy choice for the sellers, but  it may be the only answer to getting a sold sign.

Mar 12, 2017 06:05 AM #1
Rainer
520,377
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

Great discussion about price adjustment!!!

Pricing is part math and part skill, and since the market is constantly changing, it’s a skill that rewards experience tempered by consistent monitoring. We should monitor real estate full time so as to provide the most timely assistance and advice in all phases of selling and buying.

Mar 12, 2017 06:19 AM #3
Rainmaker
111,014
Mike Schneider
10 YRS with Active Rain ! - Lake in the Hills, IL
ABR, CDPE, SFR

As I have learned..the price is not dictated by "realtor",,,Seller...Appraiser...etc

It's dictated by the "consumer" only !! 

Great topic...enjoy it. Thanks for sharing.

Mar 12, 2017 06:35 AM #4
Rainmaker
564,001
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

There are a lot of factors to consider and it sounds Ron Chastain knows how to handle it!

Mar 12, 2017 06:47 AM #5
Rainmaker
1,834,013
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Sometimes there's just nothing left to prove at this Price Point ! The Buyers have voted by the indifference !

Mar 12, 2017 08:31 AM #6
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Rainer
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Ron Chastain

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