3 Signs You Should Lower Your Asking Price
What happens if you price your home too high for the market? Check out the three signs you should lower your asking price here.
3 Signs You Should Lower Your Asking Price
First things first: You should always listen to your real estate agents guidance when it comes to pricing your home properly. If you price it too high, it's not going to sell, and if you price it too low, you're leaving money on the table.
One of the major problems with overpricing a home is that most buyers begin their home searches online. Online, buyers can set up price parameters and search only for homes that they can afford. If your home is overpriced, it's competing with homes that are properly priced in a higher price range; usually, that means your home’s competition includes homes that have more amenities, are larger, or are located in more desirable areas.
With that said, sometimes people accidentally overprice their homes. Check out these three signs that you should lower your asking price:
- You haven’t had many (or any) showings
- Other homes in the area are priced lower
- People are lowballing you and not coming close to your asking price
Here’s a closer look at each.
Sign #1 You Should Lower Your Asking Price: You haven’t had many (or any) showings
If your home has been on the market for more than a couple of days and you haven't received a call from your real estate agent saying someone wants to come see it, that may be a sign that it's overpriced. It may also mean that you need to lower your asking price to drum up more interest in the home.
Related: How to improve your home office to sell your house
Sign #2 You Should Lower Your Asking Price: Other homes in the area are priced lower
If all of the other homes in your neighborhood are priced lower than yours is, it may be a sign that you're asking too much. Naturally, if you have the nicest home on the block, it makes sense to ask a little more. However, if you're asking a lot more, your price point may not be feasible for buyers looking in your community.
Sign #3 You Should Lower Your Asking Price: People are lowballing you and not coming close to your asking price
If you've had showings and people are making offers, but all the offers are extremely low compared to your price, it may mean that buyers don't feel your home is worth what you're asking for it. You should talk to your real estate agent about an appropriate price for your home and consider making an adjustment downward.
Related: Check these three systems before a buyer sends an inspector to your home
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