Luckily for home sellers today, we still find ourselves in a seller’s market. As the desire for houses has gone up, we find that inventory is still running low. But this doesn’t mean that every house will sell as soon as it hits the market. Wondering why your home’s not selling? It may be time to consider reducing your home’s asking price.
Why aren’t homes selling
This buyer-heavy market means there are more people who need homes than there are people who are willing to sell. This high demand and low supply has caused home prices to subsequently go up. So why isn’t every house on the market selling? Some sellers may be listing their homes too high, and even in a market willing to pay more, those prices are still too steep.
When to consider reducing your home’s asking price
The longer a home sits on the market, the more buyers are likely to glance over it or not even notice it when searching for a house. Allowing your house to sit on the market for several weeks without lowering the asking price could encourage buyers to come in with lower offers than if you had adjusted it. That’s because they may assume that your home holds less value since it hasn’t sold.
If you find your home on the market for more than a couple weeks, you may need to think about reducing your home’s asking price. According to Meera Pal with Realtor.com, if your home has had few showings, gotten negative feedback, or hasn’t received any offers, it is time to cut the price.
How much should you lower the price
When lowering the price of your home, consider these things first: the condition of your home, the original price point, and the state of the current market. Make sure you work closely with your Realtor to determine what other comparable homes near yours are selling for to try and determine the best price point for your house.
You shouldn’t be afraid to reduce your home’s asking price, but some experts believe you should cut the price in one go rather than little by little over time. Ken Sisson, a real estate agent with Coldwell Banker in Studio City, CA, says a larger price reduction is better than multiple smaller price reductions in order to strike an urgency for your house in the market and pick up activity with buyers.
Summary
Reducing your home’s asking price ultimately depends on your home’s condition and the market. That’s why it’s important to work with an educated and experienced Realtor in order to sell your home quickly at a worthy price.
Are you looking to sell your home in the East Alabama area? Contact Ryan Roberts today! Continue reading our blogs to learn more about the real estate market and stay up to date on local news.
