Preparing your home for the market is a big process and being on the market and having to keep your home in show ready condition is a lot of extra work. If your home is on the market and has received ample exposure, showings and no offers than perhaps it is time to reduce the asking price. If you have been on the market for a few weeks and have been getting online views without any actual showings – you might also want to consider an adjustment to the asking price. Before you lower your price find out the answers these questions first;
1. What is the average days on the market for the area? Compare this length of time to the length of time your home has been on the market.
2. How many comparable homes in the neighbourhood have sold in the time your home has been on the market? Keep in mind that not all properties sell in a week or two. Some homes are more unique or require just the right buyer to come along. If everything seems to be selling around you find out the listing price versus selling price of those sold homes – they might be using your home as a sell-off to increase the chances of selling their home faster.
3. What is your motivation? Do you have to sell or want to sell? Can you afford to take the time to sit on the market or do you need to be more aggressive with your price in hopes of speeding up the time it will take to receive an offer. I have never met anyone who enjoys preparing their home for showings without getting an offer on the property.
4. What is the condition of your home compared to others in the neighbourhood. Buyer’s love turn key properties and if your home needs repair or updating you might have to adjust your price to account for the extras a home buyer will need to complete if they choose your home. Can you do anything to make your property more appealing? Sometimes there are inexpensive things that home sellers can do, such as putting a fresh coat of paint on the walls or completing small repairs that will make the property more appealing.
5. What has the feedback about price from other Realtors who have shown your home been? Although opinions vary, if the majority of agents who have brought buyers through have reported that they felt the home was priced high than this is the market speaking to you and you may want to lend a listening ear.
6. Is your property easy to show? Are their restrictions making it harder for potential buyers to view your property. When your home makes a buyers short list and you deny a showing, you risk the chance that they will find something else to purchase and not wait to re-book a showing at your home.
7. Is your location unfavourable? You can’t change your location but you can control the asking price.
8. Is the marketing getting your home exposed? Are the photos of high quality and recent? Nothing says “old listing” like winter photos in the middle of the summer. We have recently had exterior photos taken 3 separate times in the last few months as the spring season is ever changing. It’s important to keep your listing looking fresh and current.
You have to know the numbers and need a Realtor to work for you to provide the current market information that you will required to make informed decisions about your #1 asset. We ensure our sellers get updated information throughout their days on the market. We work hard to get the exposure needed in this market. Refusing to adapt to the market and adjust a homes price will result in a stale or stagnant listing. Buyers usually ask their realtor how long the home has been listed and if it has been a lengthy time, there might be question about the reason it is still on the market. Price adjustments also open you home up to a different group of buyers who are in a lower price range and there is nothing better than getting new people through your door and getting an offer after a price adjustment.
