How do you Know when it’s Time to Drop the Price of your Home?
The CMA shows how your house stacks up to comparable properties. But if your listing is fine and you’re past the average DOM without interest, it’s time to cut the price. If your house is, in fact, already priced in the lower end of the quiver of comparables, you might ask what your agent is doing to create interest. By how much is another story, with the absolute minimum being $5,000 and the maximum being the amount that takes you to lowest price in the list of comparables. How’s the online listing? Take a clear-eyed look. If not, revise and repost it, or get a new agent. Is it well written and illustrated with pictures that put your house’s best face forward?
Buyers start to wonder what’s wrong, and any bid you get is likely to be low. Instead, it’s the stuff of Web site forums and real estate blogs, with most questions posted late at night by sellers who have already bitten their fingernails to the quick. That said, there’s no hard-and-fast rule for when to reduce your asking price (and by how much). Are you getting tours but no bids, or are potential buyers simply staying away entirely? The first question to ask yourself is whether your price, the listing or your house is to blame. Then, if you’re over the average DOM for your neighborhood, check out the next page for some tips.
If it’s the first, people are intrigued by the house at the listed price, but are put off by something they see in the tour. To figure out which it is, ask your real estate agent for an updated competitive market analysis (CMA). But what if the phone is silent? In that case, it’s a good bet your listing or the price is to blame. Is it something you can fix? If fixing the problem costs less than a price reduction, you might consider (quickly) doing the work. If you can’t or don’t want to fix it, you probably need to lower the price of the home. If so, you might be able to keep your asking price with some aggressive fix-up, cleaning, remodeling or home staging.
Other reasons to reduce your asking price include an impending deadline (if you gotta move, you gotta move), or an obvious error in initial pricing, perhaps due to a quickly declining market, your unfounded optimism or an agent who quoted a too-high asking price in hopes of buying your listing. Filisko, G.M. “6 Reasons To Reduce Your Home Price.” National Association of REALTORS®. Showing Suite. “4 Ways to Check If It’s Time to Reduce Listing Price.” The Jeff Quintin Real Estate Super Team. John, Ciaran. “How Much To Reduce The Price When Selling A Home.” Bright Hub. Hibble, Anna Marie. “Seller, reduce: 5 signs you need to cut your asking price.” San Francisco Chronicle.
Should you loved this information and you would love to receive more information about bangkok condo for sale sukhumvit (bangkok.thaibounty.com) generously visit the web page.
