Setting a selling price that is ideal for you and your family isn’t bad at all. However, if you have been waiting for eager buyers for more than a month already, that might turn into forever. It’s time to study the situation, the market, and the competitors in general.
Lowering the listing price might be the next practical step. Nevertheless, make sure that you have knowledge about the market value, as well as call only a trustworthy realtor who can help you decide on the best listing price.
There are plenty of indicators in the real estate industry that will help realtors and home sellers in their decision-making process. Here are the 5 tell-tale signs you need to lower your listing price.
New construction rivals in the neighborhood
Real estate developers are your toughest competitor when it comes to selling your home at your ideal price. When you are selling your home, always be observant with your neighborhood as there may rise up new condominiums or apartments that are priced within your estimates. Of course, almost all buyers prefer to buy newly constructed dwellings as they are brand new. This makes it harder to compete, which will obviously force you to lower your asking price.
A lot of viewers, but few or no offers at all
Once your property is listed in the seller’s market, what you want to expect is that it can drive viewers and, if you’re lucky, receive offers within the first 30 days. However, if you’ve noticed that you are getting much traffic, but seldom receive or don’t get any offers, it also doesn’t mean that no one is interested. There may be a considerable number of interested parties, but decided to back off because your home is overpriced.
Sometimes, real estate agents, especially that they are handling several properties might not show dedication to your property. In this situation, you need to look for a broker that does fair business with you. Look for someone who is willing to give suggestions and openly teaches you how to play with prices. You can do your research online and read real estate agent reviews to help you sort out the best.
Cheaper listing prices of similar properties
It is a norm for home sellers and real estate agents to compare prices with other properties being sold in the area. It is always a smarter option to check the average price offered in your area to know if your house’s listing price falls within the same range. Also, ask your real estate broker about the variables found among the competitors. Check details such as the total floor area, number of bedrooms and bathrooms, amenities, and other customized features when comparing prices.
Lack of funds for repairs and renovations
Renovations and repairs are part of preparing your home for sale. If you don’t have enough means to repair the floors, ceiling, walls, or renovation an old kitchen, then there is bigger probability that you get low or no offers, especially if there are other similar properties in your area that are completely reconditioned. Check out our construction company reviews to find contractors who can offer you quality services at reasonable prices.
Your home is still listed for more than 30 days
The very first tell-tale sign you need to consider lowering your home’s listing price is the duration of your house’s presence in the seller’s market. If it is still in the market for more than 30 days and you haven’t gotten any sign that someone might buy it yet, then it’s time look at your property’s condition and price.
By simply looking at these tell-tale signs, determining the right time to adjust your listing price would be a lot easier, with the help of the right skilled people, of course.