As a seller, nothing is more frustrating than your home sitting on the market with no activity. Many people expect their house to sell quickly, but it doesn’t always work out that way. After a few weeks on the market, you may be asking your Realtor if a price reduction is the next step.
When having the conversation about listing price, consider these seven questions:
1. What type of marketing exposure is your home getting?
Many times, the reason a home is not selling has more to do with a lack of marketing exposure rather than listing price. Ask to review the marketing strategies your listing agent is putting into place, as well as what audience is being targeted in marketing. Upgrading the exposure of the home may be all you need.
2. Is your home staged to sell?
Next, consider the staging of your home. Listing photos are the first impression potential buyers have of your house. Do the pictures highlight the best features of your property?
In-person showings are equally important. It can be a hassle making your home appear as if no one lives there, but people want to envision themselves in the house, which is difficult to do when your personal belongings are scattered all over.
3. What feedback did you get from showings/open houses?
Have you been getting similar feedback from your showings? Take this into account and fix what you can.
4. Are other homes in your area selling quickly?
When your home is sitting on the market, it may seem like properties next to you are selling extremely quickly. Do your research and determine how long it took these homes to sell, and whether or not they adjusted the price before getting an offer.
5. What are the comparable sales in your area?
Comparable sales are the recent selling prices of similar homes in your neighborhood or location. Chances are, you reviewed comps with you listing agent when you first put your house on the market. If it has been a few months, ask to go over comparable sales again. Take a look at what has been selling and the price points of each sold home.
6. Is your current listing price unrealistic?
Once you research comparable sales, put all emotions aside and ask if your listing price is realistic. If you bought your home in a seller’s market or spent a lot of money on renovations, you may not get all of the money back. Does your listing price align with what is currently selling in your marketplace?
7. How quickly do you need to sell?
Time is an essential factor in real estate transactions. If you must be moved out by a specific date, talk with your Realtor about what needs to be done today to get the house sold. If a price adjustment can save you the burden of two mortgages or the hassle of renting out the property, it may be worth it.
If you do decide to lower the listing price of your property, do not make the mistake of making multiple small price adjustments over a couple of months. Potential buyers can see that type of activity and will wonder if something is wrong with the home. Instead, determine what the lowest offer you can accept is, and make one significant adjustment.
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