The short answer to this questions is that it depends on your listing, the market and you. You’ll need to answer several questions about your situation and your home. If you or your agent is starting to get antsy because the house has been on the market longer than other properties in the neighborhood or because it doesn’t seem to be getting the number of showings, it might be time to consider reducing the price.
Is It Time To Reduce My Listing Price?
On Point Carolinas Realty specializes in homes around the Charlotte and the Mooresville areas, including lakefront homes. Our agents will know whether and when the price should be reduced on your home. The agent will suggest a new number. While you don’t have to accept the agent’s suggestion, he or she does have the experience in determining the best price based on the market, your situation and comparisons.
Questions to Ask Yourself and your Agent
If you are approaching your agent with the consideration of lowering your price, you’ll need to ask the agent several questions. These include:
- How many times has your home been viewed on the MLS?
- How many times has an agent held an open house, and for each open house, how many people showed some form of interest, even if they did not make an offer?
- Discuss the marketing comments with the agent to see if there is enough information about your home.
- Look at the online pictures. Could the pictures be better? Show more or different parts of the house or property? Are there enough pictures?
- Does the agent have several phone numbers and an email address to make contact easy?
- Is there a virtual tour for your property?
- What type of feedback has your agent received from other agents and from buyers?
- How many showing have there been, including showing from your agent and showings from other agents?
- What is the market like? If you are showing in a buyer’s market, if at all possible, you might want to wait until the market flips, so that inventory is lower and the market is moving quicker.
- Is your price in line with other home prices in the area?
Questions You Need to Ask Yourself
If the price of your home is comparable to other homes for sale in your area, assess the condition of your home. If you have a similar floor plan, number of rooms and acreage, but your home needs updates, you might consider lowering the price. Updating your home pursuant to your agent’s suggestions.
If the price of your home is higher than others in your area, you should definitely consider reducing the price, unless you don’t mind sitting on the home for quite a while. It could sit on the market for a year or more. If the price is high, ask yourself why you set the price where you did. Could you actually reduce the price and still come out ahead? How much lower could you go? If you can only down a bit, it could take away your negotiating power should you have to reduce the price again. You want to reduce the price enough so that you get a quicker sale. Therefore, you shouldn’t have to reduce the price again.
Contact On Point Carolinas Realty
If you are ready to sell a home, contact On Point Carolinas Realty to work with the best agents in the area. If you already have your home listed with us and are considering a price reduction, contact your agent to discuss the market and your options.