Why do I have to lower the list price of my house?
First off, as a home seller, you do not HAVE to lower the price of your house but you may need to in order to find a buyer! When REALTORS list a house there are many factors that are considered. We rely most heavily on the most recent sales around the house - homes in the same subdivision, same size, and same amenities. Many times a lot of weight is placed of the living area square footage. Other times the seller insists that their house is better than any others that have closed so their house should be priced higher. And sometimes the house has more amenities than the others in the subdivision so we want to give those updates some extra value. However, in the end you just make a judgement call together based on the information you have. BUT, by the time you have had 10-15 showings and you don't have an offer, then price becomes the issue. Remember, Price and Location attracts buyers but once they see the house it is all about Price and Condition. So, if you have showings and no offers you have to do something - or you will continue to get the same results! You have to change the price to find the sweet spot where the buyers for YOUR house are shopping.
The next possible issue is that the real estate Market starts declining and the price you started with is no longer in line with the most recent sales. That's why you have to look at the market monthly to see where the market is headed. You want to jump ahead of a downward trend instead of chasing it down and always being behind.
If the condition of the property is not as updated as the homes that are closing, then that might be the best option - spend a few dollars updating and make it sell!
Keeping things the same with price and/or condition with generate the same results! So, what's your best course of action? Give me a call and together we will look at the market and determine the best price to start with - and if the market rejects it - then we move on to a different price to REPOSITION your house in the market. That's how you get your house sold! Call me anytime for a free consultation.