Use A Different Marketing Strategy To Sell Your Home
If you’re the seller, that’s probably the last thing you want to hear. So, ideally you will not want more than one price reduction.
There are multiple reasons why your home may not be selling. How is your realtor marketing your home? What is the condition of your home? Your home’s listing will, probably, be the biggest factor in why you have not gotten any offers. According to Realtor.com the average number of days a home is on the market in Rhode Island and southeastern Massachusetts is 57 days. If your home is overpriced and sits on the market too long, it becomes stale. Buyers start questioning what’s wrong with it.
Once your house is on the market, the one thing you don’t want to do is continually reduce the price until you hit the magic number. Buyers will start asking will the price go lower?
If you and your real estate agent are considering a price cut, ask these questions first.
Analyze the marketing strategy being used. Has it created any interest from potential buyers? If not, come up with a new plan – use different advertising resources; Does the house show well in the photos and videos that are being used for marketing? Could the house description be re-written to make it sound more desirable? If the current marketing plan is drawing interest, then move on to your home’s condition. Is it move-in ready? Are there repairs, updates and other changes you could make, but didn’t want to initially. It’s hard to sell a house at a move-in ready price when in fact, the house is not move-in ready. If marketing strategies and home condition appear to be in line, then it is time to get realistic about your asking-price.
Value of Your Home?
Ask your real estate agent for a Comparative Market Analysis or a Competitive Market Analysis. A Comparative Market Analysis emphasizes the closest comparable sales in the recent months. The Competitive Market Analysis approach takes into consideration the number of competing homes on the market. This method shows a picture of the competition or the homes that a buyer most probably view along with the subject property. Viewing a competitive price line will help you to price your home in the best position.
Most likely, your agent did a comparative market analysis before the initial listing price was determined; however, it is the seller who makes the final decision on the asking-price and in many cases, it is the seller who has priced the home too high. You can either adjust the listing price using the home market values in your area or risk not selling your home.
There is another option you could choose. Sell your home below market value. A home priced below market value will often result in multiple offers which will then drive up the the value of the market or even above.
We all want to get as much for our home as possible, but in the end, it’s what the buyer is willing to pay, not what we want to get.