The main goal when selling your home is to get top dollar. This is where the process can become stressful. Here are some signs that may be telling you it is time to consider lowering the price of your home.
- DOM is high. A telling sign that it may be time to lower the price of your home is the number of days it has been on the market. While there isn’t a set guideline for how many days your house should be on the market before selling, you most likely will know if it has been too long. Some homes sell in days, others take months, your gut will tell you when things are approaching a standstill.
- Lots of lookers but no one seems to be biting. Do you have a number of people walking through your home with little interest? If so this means something is off. An overly priced home may discourage interested buyers from even attempting to make an offer.
- Your home has been on the market longer than similar homes. Be aware of the market in your area. Ask your agent what the average number of days it takes to sell a home in your market. Sometimes comparing the price of your home to ones that have recently sold in your area will give you a better idea for what the buyers in your market are willing to spend.
- You are pressed for time. The amount of pressure to sell your home may play a big role in the decision to lower your price or “wait it out”. If you are making a job transfer, or have already purchased a new home your motivation to sell is most likely much higher. Keep in mind when a home sits on the market, buyers can begin to wonder if there’s something wrong with it. There is a limit for how ‘lax’ you can be in the home selling process. It is very understandable to expect top dollar for a home that you have invested so much into, but sometimes there is a point where you may need to become more realistic. You do not want to waste your time and money or your agent’s efforts.
- You are maxed out. You have done all you can to upgrade your home. A fresh coat of paint and a repair here and there can add up quickly. If you feel as if you have made all necessary upgrades to make your home as appealing as you possibly can than maybe it is time to turn to adjusting the price. Remember that you want to get the money back that you invest in your home. Do not invest too much in upgrades if you feel as if your home is already priced at the top of the market.
The key factor to keep in mind when selling your home is that your agent has all the knowledge you need. Work together with your agent to list your home at a price which you are comfortable with. Take your agent’s honest advice and listen to what they have to say. Trust in your agent’s advice if they tell you it is time to lower the price. There is a lot to take into account when pricing your home and it is very easy to expect more out of the sale than you may get.
Listen to the experts and trust in your gut. When the time is right, the perfect buyer for your home will come. But in order to appeal to this perfect buyer you must also remember good things come to those who wait, but even better things come to those who get out there and take control.
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