For Sale For Weeks
Congratulations! You have a house for sale… but it has been on the market for weeks… with no offer in sight. It’s time to face the reality that your property is overpriced. Whether the home is in perfect condition or there are things that need to be repaired, here is the cold, hard the truth: there is a buyer out there willing to purchase “at the right price”. What does that mean and how should you approach this as a seller?
Lots Of Showings & No Offers
Scenario #1: Your property has had a lot of showings over the past couple of weeks and received positive feedback; however, there have not been any offers. This may mean that your home is overpriced by 5%. A price adjustment may be just what you need to get the ball rolling.
No Showings?!
Scenario #2: Weeks have gone by and still no showings. What is happening? In this case, your home may be overpriced by 10%. Some sellers may opt to start with a 5% price adjustment, but many ultimately end up at the 10% number before an offer is made.
Your Timeframe
When and how much of a price adjustment is ultimately up to you as the seller. Are you pressed for time or can you wait months for it to sell? Some sellers want to wait it out for that one perfect buyer to come along… no matter how long it takes. Just keep in mind that the longer your home sits on the market, the less desirable it becomes to buyers. They begin to wonder what is wrong with the house and, when they do make an offer, they may really low ball it.
Pre-Listing Pricing
As a seller, you can avoid this problem altogether by pricing your home competitively before even going active. Please see the illustration below to understand the power of pricing your home correctly from the very start.
In Conclusion
Having your home sit on the market with no offers can be very frustrating. I completely understand that sellers have a number in mind that they want for the home. The truth is, the market ultimately determines what your home is worth. Homes always sell – it’s the price that determines how quickly that happens. Be a smart seller and price it competitively from the very start so that you don’t have to do a price adjustment. If you do need to make an adjustment, please take your realtor’s advice on how much and when to do so.
Learn More…
Click here to learn what your home value may be in the current market.
Click here to learn more about the benefits of having a buyer’s agent.
Click here to learn more about the benefits of having a seller’s agent.
