Reasons When to Consider Lowering Your Price
Roseville, Calif. – There could be a number of reasons your home is not selling, such as an unusual floor plan or the one home in the neighborhood without a garage. These reasons are out of your control but the one thing you can control is price.
If your home is not selling here are…
6 Reasons to Consider Reducing Your Price
1. You are not getting many showings. The most important time is the first 7 to 10 days on the market because buyers want to find a new home before anyone else gets it. If there have been fewer buyers calling and looking than other homes in your area, it may be a sign buyers feel the house is overpriced and are waiting for a reduction before looking.
2. You are getting lots of showings but no offers. On average it takes 8 to 12 showings to get an offer, if you have had 30 lookers and no offer, you can be sure something is not right. What is your agent learning from the showings? A house priced too high may be discouraging buyers from making an offer.
3. Your home has been on the market longer than similar listings. Ask your agent about the average number of days it takes to sell a home in your market. If you have exceeded the average it may be affecting buyer interest. When a house sits on the market, buyers wonder if there is something wrong with it. It may be time to consider a price change.
4. Deadline to sell. If you have a deadline to sell because of a job transfer or the purchase of another home, it may be necessary to create interest by lowering the price of your house to below those of similar homes in your neighborhood. A key thing to remember is, it is not how much money you need that determines the sales price; it is how much money a buyer is willing to pay for the house.
5. The house does not show well and you don’t have the resources to make upgrades. If you don’t have the cash to paint, clean the carpets or improve curb appeal and the home has been on the market longer than other similar sixed houses it may be time to understand buyers expect to pay less for a home which does not show as well as others.
6. Competition. If time goes by with no offers take a look at the competition. Find out what has sold recently and the prices of comparable homes. What new listings have come on the market? If comparables or new listings show your house is priced high, consider a reduction.
If you have any questions about buying or selling a home in the current market, feel free to reach out to me at the MagnumOne Realty Office in Roseville at (916) 899-6571 by email to [email protected] I would be happy to answer your questions.
We specialize serving the needs of buyers and sellers of homes in the Sacramento area including Sacramento, Placer, El Dorado, Sutter and Yuba counties.