Checking the comparable houses on the market is the first thing to do when you have your home listed for months and you don’t get any offers.
There are a lot of uncontrollable reasons why your home is not selling like being the only home in the neighborhood without a garage or having a unique home layout. There is one very important factor that you can manage: your home price.
Here are six signs that will tell you to lower your price.
- You’re drawing few lookers
Getting a lot of inquiries and showings on the first few weeks is normal for a newly listed home. Buyers out there would want to catch a great new home in the market before anybody else buys it. You and your real estate agent should monitor the inquiries and showings that your home gets. If it gets fewer as it stays longer in the market, then this can be a sign that buyers think its price is above market value and they might be just waiting for the price to fall before viewing or sending an offer.
- You’re drawing lots of lookers but have no offers
Not getting any offer despite the fact that your home is drawing a lot of potential buyers can be a sign that something is not right. Ask your agent on what buying agents tell about your home. An overly high price can easily discourage buyers to make an offer.
- Your home’s been on the market longer than similar homes
Knowing the average number of days it takes to sell a home in your market is helpful. If your home is going beyond the average time, then your price might be affecting your home’s appeal to the buyers. If your home is listed on the market for too long, potential buyers may start to think that there is something wrong with which can further delay the sale. Consider lowering your price when this happens.
- You have a deadline
Transferring to another location because of your job or you’ve already owned another home can be some of the reasons why you need to drop your home’s price. Making the price a little lower than comparable homes in the area will surely attract buyers.
- You can’t make upgrades
Upgrades will definitely be a burden to you especially if you are already plum out of cash. When your home has been on the market for more than the average time and you get feedback from buyer agents that your home does not have the curb appeal that buyers are looking for, then you might want to consider dropping your price. Monitor similar properties on the market, check their condition and analyze the feedback from buyers to help you decide on changing your price.
- The competition has changed
Consistently check the trend on the market. Take note of the comparable homes listed before and after you listed yours. Which ones have been sold and how much? Which ones are still on the market and how long? If the comparable homes in your area show that your price is a little high, then consult your agent about a price reduction.