Selling? When Is It Time To Lower The Price?
August 3, 2016 | Richard Sites
Years ago, when I was new in real estate, I was at a private gathering for software instruction. In front of me sat one of the top agents of the day, a man who commanded great respect from the crowd. When the question was asked regarding the period of greatest activity on a listing he answered, “In the first three weeks”.
So, when is it time to lower the price?
Pricing is the first cousin to location when it comes to selling. The old saying is, of course, in real estate it is all about location, location, location. Well, it is really about price, price, price and my thoughts are directed at sellers vs. buyers.
Right now, there are buyers circulating out there looking for homes in your price range. And they are ready willing and able to buy. In fact, they need to buy.
In Jupiter today 10 houses went under contract at prices from $142,500 to nearly $800,000 so we know the buyers are out there. The question is really did they make an offer on your house? If not, why not?
The goal is to price your house to sell immediately, in other words to get the price in the sweet spot of the market so buyers will be motivated enough by your value proposition to move forward.
Some people contend that unless a house sits on the market for “X” amount of days before getting an offer it was underpriced. I believe this is false.
The buyers are there…are you ready, willing and able to meet them halfway?
So, if your house is not getting any showings, lower the price today. If you are getting showings but no offers, lower the price anyway.
Don’t miss that initial period when a listing gets the most attention from anxious buyers. And it can be statistically proven that home that sit on the market eventually sell for less than those that are priced correctly from the start.
Need more help selling? Contact me directly at 561-762-4073 or use the form below. And remember, hope is not an effective selling strategy.