Home not selling? That could happen for a number of reasons you can’t control, like a unique home layout or having one of the few homes in the neighborhood without a garage. There is one factor you can control: your home price.
While you’d like to get top dollar for your home, consider these six signs that indicate your home might be overpriced and reasons why you might want to reduce your list price.
These six signs may be telling you it’s time to lower your price.
1. You’re drawing few lookers.
You get the most interest and activity on your home right after you put it on the market this as buyers attempt to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers calling on and requesting showings of your home (and below the level for other comparable homes in your area), this may be a sign buyers think it’s overpriced and are waiting for the price to fall before viewing it.
2. You’re drawing lots of lookers but have no offers.
If you’ve had 15+ prospective buyers come through your home and not a single one has made an offer, something is off. While buyer feedback is an important point to consider, buyers will overlook many items if the price takes these factors into consideration… in short any home will sell if the price is right? An overly high price may be discouraging buyers from making an offer.
3. Your home’s been on the market longer than similar homes.
Ask your real estate agent about the average days on market, that is the number of days it takes to sell a home in your market. If the answer is 30 and you’re pushing 45, your price may be affecting buyer interest. When a home sits on the market, buyers can begin to wonder if there’s something wrong with it, which can delay a sale even further. At least consider lowering your asking price.
4. You have a deadline.
If you’ve got to sell your home soon because of a job transfer, you’ve already purchased another home, etc. it may be necessary to generate buyer interest by dropping your price so your home is a little lower priced than comparable homes in your area. Remember: It’s not how much money you need that determines the sale price of your home, it’s how much money a buyer is willing to spend.
5. You can’t make upgrades.
Maybe you’re plum out of cash and don’t have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn’t as well-appointed as similarly priced homes. When your home has been on the market longer than comparable homes in better condition, it’s time to accept that buyers expect to pay less for a home that doesn’t show as well as the competition.
6. The competition has changed.
If weeks go by with no offers, continue to keep an eye on and if possible to check out the competition. What have comparable homes sold for… How Much is My Home Worth and what’s still on the market? What new listings have been added since you listed your home for sale? If comparable home sales or new listings show your price is too steep, consider a price reduction.
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If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!
The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley 43209 Columbus 43201 43206 43214 43215 Delaware 43015 Dublin 43016 43017 Gahanna 43219 43230 Grandview Heights 43212 Hilliard 43026 Lewis Center 43035 New Albany 43054 Pickerington Powell 43065 Upper Arlington 43220 43221 Westerville 43081 43082 Worthington 43235
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