Mr. & Ms. Seller, Home Not Selling? You Might Want To Consider Lowering Your Price!

Mr. & Ms. Seller, Home Not Selling? You Might Want To Consider Lowering Your Price!

Click on the link below and then watch the Realty Check video in the blog post. Then come back and read the amplifying text below the link.

Link to Harris Real Estate University Blog Post and CNBC Realty Check Video

If your house has been on the market for a month or two (or even longer I fear), and you aren't getting one or two showings per week - let alone any offers or contracts, then you absolutely need to consider lowering your asking price.

Consider this, if there are multiple homes listed for sale in your neighborhood/subdivision (i.e., location), and the homes are all in similar condition (neat, clean, staged, small repairs made, etc.), and none of them have sold - THEY'RE PROBABLY ALL OVERPRICED.

If one of your fellow sellers/listers drops his or her price to the range where active buyers are valuing the neighborhood properties, then he or she will probably sell his or her home before you sell yours. In fact, if the demand for the neighborhood is low, then your competitor who actually lowered his/her price and sold his/her home MAY BE THE ONLY PROPERTY THAT GETS SOLD IN THE NEIGHBORHOOD.

Wouldn't you rather be the person who actually sells their home? Might be time to strongly consider lowering your price!

OBTW: All good Realtors/agents/brokers have this discussion with their selling clients at their first listing appointment and periodically throughtout the listing period. It's just good business advice and practical selling advice.