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Replies (15)
- Chad Kritzas, "Chad Kritzas"
- Contributions:74
An easy way is to track the number of showings and offers. If you are getting 8-10 showings in a month with no offers, than it would be time for a price adjustment.
The Chad Kritzas Team
Keller Williams Realty
[hotlink removed by Zillow moderator]
The Chad Kritzas Team
Keller Williams Realty
[hotlink removed by Zillow moderator]
- Gene Williams, "Gene Williams"
- Contributions:14
The easy answer to this is - never. Pricing your home according to what the market will bear is key to selling your home. Your Realtor should be your guide when it comes to pricing your home right the first time. Price reductions slow the momentum of the home and lead to a stale listing.
However, if you find yourself having overpriced your home, the sooner you reduce the price, the better. What you are doing now is trying to get ahead of the curve, not chase it. Be bold and be quick because the market is letting you know something that you may not want to hear about your listing price.
However, if you find yourself having overpriced your home, the sooner you reduce the price, the better. What you are doing now is trying to get ahead of the curve, not chase it. Be bold and be quick because the market is letting you know something that you may not want to hear about your listing price.
- Michael Procopio, "mike_procopio"
- Contributions:31
I agree with Gene. Price it right to begin with. However, if you find yourself in a situation where price has become an issue, be bold and quick, and show the market you mean business. In my market, large bold price reductions of $20K (on $750K properties) generate renewed interest, which is usually accompanied by offers!
Best,
Mike
Best,
Mike
- Dan Malloy, "Dan Malloy"
- Contributions:286
In my market, unless you are one of the TOP 3 listings in your market (based on value & condition, not price) you most likely will not get an offer. Your agent should identify all of the homes you are competing with in your market, and rank them based on the order that they are most likely to sell. Your home needs to be at the top of that list (within the top 3). If they are not capable of doing that, ask them to schedule a tour of the competing properties so that you can see what you are up against. Once you know the competition, it should be easy to identify where you'll need price wise in order to grab the attention of the next buyer in your area. Good selling!
- Dephanie Cates, "Dephanie Cates"
- Contributions:25
Sooner, rather than later, if conditions warrant! Let's say, you are having showings but no offers. Your Realtor might examine all the marketing strategies in place: do the photos accurately depict the desirability and are there enough photos to cover the exterior features and interior features that a buyer is looking for in the neighborhood? Do the photo descriptors help create a vision for a buyer that is appealing? Have the Realtor remarks been refreshed to reflect a renewed interest in the property? In this current market, CMAs are necessary about once a month, not only to educate the seller but to ensure pricing is accurate and competitive in today's market.
- Tug of War
- Contributions:1969
OK so we use a Realtors guidance to Price the House so we Price it Right..so we do not Overprice it..because if we do it will not sell..so we need a Realtors guidance to Price the House so we Price it Right..so we do not Overprice it..because if we do it will not sell...so we
This is based on the Fact all who followed a Realtors Guidance (Went with their Price) were Priced Right and sold?
OK..sounds good to me
This is based on the Fact all who followed a Realtors Guidance (Went with their Price) were Priced Right and sold?
OK..sounds good to me
- Jim Merrion, "Jim Merrion"
- Contributions:13
Some great answers here! I agree with the other agents. The key things are:
-Pricing it exactly where the home price realistically will sell for. No padding of the price for "later negotiations". Price it right the first time and buyers will know this too!
-Keep the house in the top three when compared to other homes based on value and conditions. If it isn't, then you need to lower the price.
-Use the trend reports in Showings.com or ShowingTime.com or similar showing service to see what the activity is on that price in the area. If others are getting showings and your listing isn't, that is a red flag.
-Good valued homes sell quickly. If you don't feel the activity is right for your listing, make sure to change the price after 3-4 weeks of coming onto the market if not sooner.
-Pricing it exactly where the home price realistically will sell for. No padding of the price for "later negotiations". Price it right the first time and buyers will know this too!
-Keep the house in the top three when compared to other homes based on value and conditions. If it isn't, then you need to lower the price.
-Use the trend reports in Showings.com or ShowingTime.com or similar showing service to see what the activity is on that price in the area. If others are getting showings and your listing isn't, that is a red flag.
-Good valued homes sell quickly. If you don't feel the activity is right for your listing, make sure to change the price after 3-4 weeks of coming onto the market if not sooner.
- Cheryl Talbot Real Estate, "Virginia Beach Homes"
- Contributions:674
If it hasn't sold it almost always is ther price....
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
Lots of little price reductions until you have a buyer willing to write up an offer.
- Wes Black
- Contributions:509
When you set the initial listing price, be sure to price it "in the market" not just "on the market". Give it a reasonable price that should get buyer activity within 2 weeks or less. If you miss this, price changes are usually warranted after 30-45 days with little activity and no offers.
- Gary May, "RealtorTampaBay"
- Contributions:56
If the property is not getting significant interest in the first 30 days on market, lower the price immediately. Depending on the List price, $10k - $15k would be a good starting reduction point. If the List price is in the $1mil arena the price reduction will need to begin in the $75k - $100k range. Best Wishes!
- Toby & John T. Williams, "tjplace"
- Contributions:271
If NO one is even coming to look at your home, you are over priced and must lower it if you truly want to sell.
If buyers ARE looking at your home and you aren't getting any offers, you are probably somewhat close to what you need to be, but not yet competing with other homes in your area. Lower the price some and you should get offers. They offers will tell you what the house is worth!
If buyers ARE looking at your home and you aren't getting any offers, you are probably somewhat close to what you need to be, but not yet competing with other homes in your area. Lower the price some and you should get offers. They offers will tell you what the house is worth!
- Bryan and Cheri Guentner, "sarasotaflorida"
- Contributions:62
In our market the volume of sales is up and the inventory is down, however buyers these days are very informed and educated! Pricing is very simple... if you are getting a reasonable amount of showings and some offers most likely the property is priced right. If on the other hand you are getting very few or no showings then your property is priced too high. The real definition of market value is... it is equal to the price that a ready, willing, and able buyer is willing to pay at a current snapshot in time! As the market fluctuates so will the price.
- Paul Blumberg, "Paul Blumberg"
- Contributions:566
Ultimately the market determines value and price hurt. They hurt you the seller, and they often make a buyer wonder how much lower the price could drop. So, a buyer will often offer even less after a price reduction.
So when you are choose your agent make sure it is based on honesty, ethics, experience, competence and marketing, and if the agent tosses around numbers "to good to be true", challenge them realistically. It's your home and your investment, wasting valuable market introduction time on "poor pricing" costs you more than you might realize.
- Mick Corbin, "Senior Consultant"
- Contributions:41
Simply stated, the best time to lower the price of your home is BEFORE its listed. Why? Well, if you were a buyer looking in your neighborhood and your home is priced similarly to the other 20 homes in your neighborhood that haven't sold (and only 2 in the area are pending), do you really think that your home has more than a 5% chance of selling because you feel that your home is the best one in your neighborhood?
You MUST do something different in today's market. Your house MUST be first on the list of ANYONE who might be looking or showing your home. To do that, you MUST have a price set that will keep your home first on the list of any showings. Does that mean a dramatic price change? Not necessarily, providing you do it when you first list. I might suggest 3% to 5% under all other COMPARABLE listings. Perhaps that's lower than your are comfort zone. That's the first indication you are probably getting close to pricing your home correctly. Your house WILL sell in today's market if its priced right at the start. Remember, that's what you will be looking for as a buyer!
You MUST do something different in today's market. Your house MUST be first on the list of ANYONE who might be looking or showing your home. To do that, you MUST have a price set that will keep your home first on the list of any showings. Does that mean a dramatic price change? Not necessarily, providing you do it when you first list. I might suggest 3% to 5% under all other COMPARABLE listings. Perhaps that's lower than your are comfort zone. That's the first indication you are probably getting close to pricing your home correctly. Your house WILL sell in today's market if its priced right at the start. Remember, that's what you will be looking for as a buyer!
When is the right time to lower the price of your home?
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- 5.0/5.0
- (1 review)
Contributions:1If buyers are coming and not making any offers and the house is not getting many buyers coming to see it, that maybe a good indicator that you should lower the price or think about bringing in a stager to evaluate the home.
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