Avoid These Common Mistakes When Pricing Your Home
Are you thinking about selling your Raleigh home? If you’re not seeing much interest when it comes to showings and potential offers, then you should probably lower your asking price. Prices are always negotiable, but there are signs that can help you know when it might be time to drop your asking price.
No showings and only low-ball offers
If you’ve tried to sell your home but 1) you aren’t getting any showings, or 2) you received low ball offers…you should examine your asking price closely. Many homeowners believe they don’t have to make repairs or improvements if their home is move-in ready. However, you may need to lower the price of your home for market reasons.
Transaction history – you haven’t sold your home yet
If you still think that you should list your property at the price you originally wanted, you might want to wait for six months before attempting to sell again. Having your home languishing on the MLS for months will look bad to future potential buyers. Everyone wonders what was wrong with the home for it to be on the market for so long. That’s why you see homes that didn’t sell in the fall suddenly disappear from the MLS around November and reappear in the spring.
The listing price is inconsistent with the market trend.
If you’re having financial difficulties and you’re trying to sell your home at a price that’s lower than what you originally paid, consider making some improvements before placing your house on the market again. Try asking someone who has been selling properties in your area about the current market trend, so you get an idea if you should lower your asking price. Oak City Property can gather neighborhood comps for you and explain the current real estate market trends with you.
Listing and sale prices in the surrounding area are lower than yours.
When you’re thinking of a price for your home, look at the sales prices of homes in your area. Are you asking way above those sale prices? If so, this could be why you’re not getting showings and offers. Price competitively by lowering the asking price.
Real estate market conditions have changed.
Whether it’s a seller’s market or buyer’s market, be informed. Asking a real estate professional for the local comparable prices will help you understand the current real estate market. This knowledge will help you arrive at a fair asking price that is realistic and reasonable. When preparing to sell your home, it’s important to look at your house as if you were the buyer. Ask yourself: What does the price look like from their perspective? If you are still scratching your head with no potential answers, contact Oak City Properties. Our team handles hundreds of real estate transactions each year.
House is overpriced as compared to other homes on the market.
Perhaps you’ve hit a financial speed bump and are unable to pay for the repairs needed to sell your home at top dollar. If you can’t afford repairs or if you don’t want to invest money in your property, you might be able to lower your asking price enough for you to be able to sell it.
Getting pressure from lenders/banks to sell
When you need to sell your home fast due to employment changes or medical bills, you may receive pressure from interested parties like banks and lenders. Lowering your price may expedite the sale, but make sure you don’t give up too much in the process. This is where a seasoned real estate professional helps. When you have someone advocating for you who has years of real estate experience and negotiation skills, you’ll save money and get the best price for your home at that time in the market.
Final Thoughts
Keep in mind these seven signs of poor pricing and consider lowering the asking price of your property. If lowering the price is an option for you, it’ll be worth it to get out from under a financial burden and find someone who wants to buy your house fast. We have decades of experience handling home sales and can help you find the right price for your home. The Raleigh real estate market is hotter than ever, so you will most likely get the price you want. However, it helps to have a property manager with savvy negotiation skills on your side. Contact our team at Oak City Properties at (919) 232-9222. We’re happy to answer any questions you may have about pricing strategy and more!
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