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Should I lower my asking price?

We purchased a subdivsion lot several months ago and have placed it "for sale by owner" for $75,000, it has been on Zillow 96  days with no offers. There are there are 2 other comparable lots on the street with the same asking price. Do we lower the price? if so by how much? Or do we remove the listing when it expires and relist it at a later time?
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July 30 2012 - Mohave Valley
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Answers (7)

No. Don't lower your price. Lowering your price is not the answer, you have to out market and sell your competition. Focus on why your lot is better than the others. Location, trees, view, whatever is different from the others and use that as your advantage. If your lot is bigger than the rest put a sign on the lot that says. BIGGER LOT SAME PRICE! That will get attention. Also call builders, residential construction companies and tell the where you have a lot for sale. Talk to your neighbors, if they have homes close and ask them who built their home. Only lower price when you have exhausted all ideas and your advertising has had time to take effect. Good Luck!
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July 30 2012

Since you are not getting offers, consider lowering your asking price to slightly less than your competition.  Do not drop your price a large amount and look desperate!  Lower it in smaller increments once a month, or whatever you are comfortable with.  Eventually, you will find the real market value and hopefully sell your property.  Best of luck to you!

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July 30 2012
I am going on a limb and saying yes. Why would you line up with 2 competitors when you can stand above them with a better price. 
Best of luck 
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July 30 2012
Lots typically take longer than homes to sell so 96 days is really not that long. How long have the other two lots been for sale? When did the last lot sell and for how much? What is your motivation to sell? How much did you pay for the lot and can you take a loos to move it quickly?   
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July 30 2012
It's hard to sell lots.  Many people dont's want to build a home.  Others don't want to put their money into a non-producing asset.  I suggest that you retain a Realtor to list your lot.  He/she should be able to market your lot in venues you can't.   You should ask how the Realtor plans to market your lot, before you sign the listing agreement.
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July 30 2012
Re-Evaluate your marketing.  Take another look at your pictures and your curb appeal.  What kind of marketing are you doing?  Sometimes it can be just a lack of exposure and web presence.  Find a way to get more people through the door.  I would contact a local agent and ask them where they place homes to get more traffic.  Chances are if you are getting showings and no offers, you're overpriced.  If you are not even getting showings, you are overpriced.   Bu first, if you're not getting showings, I would re-evaluate your marketing and look at it from the buyers eyes. 
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July 30 2012
The answer to those questions is totally personal.  Before you listed the property did you have a comparative market analysis done?
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July 30 2012
 
Related Questions
Should I lower my asking price?
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  • Asked by The Critz Group
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  • July 30 2012
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