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.
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 in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers calling about and asking to tour your home, that may be a sign that buyers think it’s overpriced and are waiting for the price to fall before viewing it.
2. You’re drawing lookers but have no offers
If you’ve had, say 30 sets of potential buyers come through your home and not a single offer, something is off. What are the other agents telling your agent about your home? An overly high price may be discouraging buyers from making an offer.
3. Your home’s been on the market longer that similar homes.
At least consider lowering your asking price…
4. You have a deadline
Remember, it’s not how much money YOU need that determines the sales price of your home, it’s how much money a buyer is willing to spend.
5. You can’t make upgrades
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 others.
6. The competition has changed.
If weeks go by with no offers, continue to check out the competition. What have comparable homes sold for 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.