When Should I Reduce the List Price of My House?
One of the reasons listings expire is the price but that’s not the only reason. Sometimes, even homes that are priced well stay on the market for a long time before they expire or taken off the market.
How do you know if your house is overpriced? This is easy, especially if you’re working with a REALTOR® who not only knows the market but someone you trust.
Sure, by lowering the list price below the market value might result in a contract but why would you as a Seller do such thing?
So, how do you avoid finding yourself in a situation thinking about lowering the list price of your house?
Price it right from day one. Your REALTOR® will show you comparables in the immediate area and of course make the necessary adjustments based on the characteristics of your house to come up with the “suggested list price”. As a homeowner, it would be in your best interest to work with your agent and follow their advice.
Make sure you’re in the loop with all the marketing efforts by your Real Estate Agent. Getting a home sold takes a lot more than placing a sign in the yard and an MLS entry. There should be ample online and offline marketing, targeted ads, print media etc. Every market is different and your local agent is the expert.
Showcase your house. The day you decide to list your home, it becomes a house. A house that should appeal to qualified buyers. Once the house is ready to show, professional photos are a must. Some Realtors are great with taking pictures but most are not. Let the pros do what they do best, hire a photographer.
Sometimes, markets change, home prices go up or down so it’s wise to re-visit your listing with your agent often to ensure the list price is where it needs to be. If you’re asking when it’s a good time to reduce the price, if the price is truly the challenge, I say, sooner the better. You don’t want your listing to become stale.
Selling a home is not an easy task, be sure to select your agent wisely so you won’t have to ask when it’s a good time to reduce the list price of your house.
If you're thinking about selling your home in the Central FL area, I would love the opportunity to speak with you. Call or text me at 407-929-1852, email firstname.lastname@example.org or visit www.WhereToLiveInOrlando.com