Has your house been on the market for awhile and it’s still not selling? Assuming it is in saleable condition, if your home is still on the market, it is most likely priced too high for the area. Luckily for you, of the three basic elements that sell a home (location, condition & price), price is the one you, as a seller, can control!
So, how do you know if you need to lower the price of your home? Ask your real estate agent what the average time is for houses to be on the market in your area. If your house has been on the market for longer than that, then you should consider lowering your price. Another indicator that you may need to lower the price is if your house has been on the market for several months with low to no interest. In many areas, home prices are continuing to fall, so even if your home was pried well when you first listed it, if it’s been sitting on the market for awhile, you may need to adjust it.
Once you decide that you need to lower the price of your home, you need to decide how low to go. That decision should be based on local market research. Again, to make the best decision you need to have a real estate agent that you trust and seek out their advice. Ask your agent for a new comparative market analysis (comps), and be sure that the comps are recent. If you put your home on the market without having it appraised, having it done now could help you even more.
Trying to sell your home? Looking for an agent you can trust? Give us a call at Cooper Realty and let us help you sell your home – 302-856-6434.