Know When It's Time to Lower

Posted by Tom Crimmins Realty on Friday, June 27th, 2014 at 12:20pm.

Although it is a sellers' market, some times when selling your house in a slow real estate market isn’t easy, (some times it is hard selling in general - except at Tom Crimmins Realty) but it can be done. Pricing your home right is the key to selling it within a reasonable amount of time.

Sometimes this means lowering your price while it’s on the market. Of course, you want to get as much money as possible, so how do you know when it’s time to lower your asking price?

  1. No One Is Looking At Your Home. If you expect your home to sell, you need to have people look inside it. Most buyers search for homes within a certain price range. If you aren’t getting any showings, chances are it’s because your home is overpriced compared to other homes in the area. In this case, you may need to lower your price so buyers will look at your home. Another tip: advertise! Keep up to date with pictures and contact silive and Staten Island Advance to publish open houses.
  2. Comparable Homes Are Selling For Less. Your home will sell for whatever a buyer is willing to pay for it. It is sad to say but buyers are not only looking at your house when they are house hunting; home buyers research other neighboring homes. If the homes around you are selling for less than your asking price, it may be time to lower it. No one is going to pay more for your home when they can get the same thing for less. Pay attention to what homes are selling for in your community and adjust your price accordingly.
  3. You Are Getting A Lot Of Negative Feedback. Buyers are a great source of information about other homes in your price range. After all, they’re spending their free time looking at countless homes similar to yours. Your real estate agent can find out exactly what buyers think of your home, especially with real estate websites. Perhaps homes comparable to yours have updated kitchens or more attractive landscaping. With this knowledge, you can choose to either remodel or lower your price.

Contact us 347.370.3200 if you are looking to sell or have a question on the price of your home.

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