4 Nov 2014

Mark Zawaideh

How to Tell When it's Time to Reduce the Price of Your Home

Reducing PriceNobody wants to reduce the price of their home when going through the selling process. However, sometimes this becomes necessary to sell the home. It all starts with looking at the market and the asking price of your home. Start by answering a few simple questions.

  • Has your MLS listing received very many hits?
  • Does the description of your home actually sell the features?
  • Have you used any type of direct mail campaign to market the home?
  • Have you held any open houses?
  • Do you have plenty of pictures with your online listing?
  • Is there a virtual tour of your home online?
  • Have you shown the home to anybody yet?

Sometimes, it's not the buyers and it's completely you. If you're not motivated to sell, you may have too high of a listing price. This could be due to your need not to sell or a high inventory within your area. Those not motivated to sell, may be better off staying where they are or renting the home.

Choose the Correct Price

If you don't conform to the marketplace, you may never sell your home. Choosing the right price will make it possible to sell the home and get the value out of it. A high price may keep it on the market forever. Instead, consider evaluating the home with a few questions in mind:

  • What is really wrong with your home?
  • Can you go lower, if so, how much?
  • What are similar homes selling for in the area?
  • How long can you afford to let the home remain on the market?

When in doubt about whether you should reduce the price or leave it where it is, consult your real estate agent for advice. They can give you a better idea of what the right price for your home should be.

Topics: Seller Tips