Take out the ax. No bites within 30 days? Make a big move.
“When a property sits, people start thinking it must be listed too high,” says Klein. To stimulate interest, make a giant cut — as much as 10% of the asking price, and even more in an area where prices are still falling. That should be enough to warrant a second look from buyers who passed the first time, and to bring in a new pool of potentials who are hunting in the lower price range.
- Let’s price it high and see if we get any bites: If you price it too high, it will sit on the market for an extended period and will eventually have to be discounted because it is overpriced and also because it has become a fixture on the market. Buyers won’t consider even looking at it unless there is a newly established value, which is done by drastically reducing the price.
- Let’s price it a little high and come down if it doesn’t sell: This strategy is a little better as the home is not so grossly overpriced that it will not get any lookers, but still, there is so much competition on the market that even a slightly overpriced home will not sell.
- Let’s price it to be competitive with the other listings in the area and compellingly to encourage offers: BINGO!
The best of all strategies, if you’re a serious seller, is to price your home right from the start. Ultimately the choice is yours, but ask a qualified real estate professional to provide you with the necessary data to help you make that decision. Ask for their opinion. Even still, you may price your home perfectly in accordance with the recently sold properties and the homes yours will be competing with and still not sell. Be prepared to make an adjustment to your price in the first 3-6 weeks. As a home sits on the market for an extended period, your price adjustment becomes less and less effective. Price it right while buyers are still excited about your home, and you will get it SOLD!
For more information about the value of your home or for help pricing and marketing your home, please contact me by completing the form below.
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