That is a good question and one that many sellers have asked their agent at one time or another (If you have not then congratulations). It could be price, it could be condition, it could be location, or all of the above.
When agents price homes they review market activity pertaining to homes that are active, under contract or have sold activity for a specified period of time (I go back 180-250 days) and then share that information with their sellers. The initial price that is set is based on a comparison of the subject property against the homes in the market analysis.
Once the home is listed you should expect a good amount of showings. If you are not having any showings or if you are having a lot of showings but no offers, you may need to reduce your price (the time frame that you use to make this decision is up to you, but I don’t recommend going more than 2 weeks before you reduce the price). This can have a dual affect. First, it may make your home more attractive to a buyer that has viewed it but did not feel it to be a good value at the previous price. Secondly, it opens up your home to a new group of buyers that may have been priced out of your desired price point.
Getting feedback from agents who have visited the home is key to understanding what their buyers have thought of your home. Please take them to heart. Not everyone has to love your decor, but if they tell you something that you can improve upon then listen to them. The longer your home stays on the market, the more money flows out the door in mortgage payments. You also miss the opportunity to make offers on homes that you really want, if you cannot afford or do not want to purchase without selling your home first.
Published on 2015-06-29 14:19:02
