How do you get your home sold? Price it right. Pricing a home competitively from the beginning is the best way to attract buyers, but sellers can also spark some interest with a strategic price reduction.
- If you have had little buyer activity and no offers after 28 days, or 10 to 12 showings by qualified buyers with no offers, it is time to lower the marketing price in order to appeal to active buyers in your area.
- Don’t wait too long to make an adjustment if it becomes clear that prices in your neighborhood have fallen since your home came on the market. If a competing property is reduced first, your higher price could make your property less attractive to buyers.
- Keep in mind that the longer a home sits on the market the more likely it is to be perceived as undesirable. Buyers may start to assume there is something wrong even if it was simply overpriced next to the competition.
- Delaying a price reduction could end up costing you— if your property takes several months longer to sell, you still have to pay the mortgage, property taxes, insurance, maintenance, etc.
Price Cuts Become Par for the Course
60% of sellers said they reduced their asking price at least once & 43% offered incentives such as home warranties or closing costs.
25% of homes that were on the market for 17 weeks or longer reduced the price four times or more
Inventory=6.6 months at the current sales pace nationwide.
Article by: Buffini and Company
If you’re thinking of selling your home or buying your next home, Ron Carpenito is ready to provide WOW service. Get a Market Snapshot of your local area to help you evaluate the pricing of your home, and use the search tools to help you look for your next home. Contact Ron at (978)494-0346.
