26 Sep 2019
For what could be a million reasons, buyers don’t see the value of your home at or near your asking price. The reasons range from condition to location to size of the home to the curb appeal or lack of updates, etc. Whatever the reason, buyers are not in agreement with your list price. It may be time for a price reduction so take a moment to evaluate how your home stacks up against the competition.
Take a closer look at the CMA your agent generated for you at the time of the listing. How does your home and your home’s amenities compare to what sold and what is on the market? Is there any new information such as a statistical trend or a recently sold comparable that may impact your current pricing? Talk to your agent about strategically positioning your home to sell. The market may be telling you that the price you expect to get is not realistic to market conditions.
Don’t let your home become the house that sits on the market with no activity. Buyers will wonder what is wrong and assume there is a defect when in actuality it is a simple case of over-pricing. Homes priced right for the current market usually sell between 97%-100% of the original asking price. Price your home for today’s market and sell for more money. Don’t make the mistake of pricing your home 10% or 15% over market value to allow for negotiating room. That decision will only add to the challenge of selling your home.
Does your home attract plenty of buyers? Have you had tons of showings but no offers? This means that your house is priced close enough to market value to attract showings but not enough for a buyer to act. Perhaps they are looking at all the homes in your price range and find that the other homes have more amenities or more updated features. You are in essence helping to sell your competition. Buyers weigh their options and move forward with a property that offers the most amenities for the least amount of money.
Did you interview multiple agents for the job of selling your home? Did you choose to work with the agent that gave you the highest price or agreed with your pricing? If so, you may have done a disservice to yourself. A Beach Realty agent will give you a realistic opinion of price based on comparable sold properties, market trends and statistics, and the competition. Beach Realty agents study the market daily and preview the competition. They are aware of the amenities, condition, location, and updating the homes that have sold and are available in your neighborhood.
Position your home in the market to sell. Sometimes all it takes is a minor price reduction to gain new attention and attract a ready, willing and able buyer. The number one reason a house does not sell is price. Be mindful of what the market is telling you. Discuss your options with your agent, be objective and honest about the condition and location of your home, adjust the price and get closer to your goal.