If you’re selling your home it can be one of the trickiest things to figure out. What price should I list my home at? The second most difficult thing is knowing when to lower that price if your home doesn’t sell.
If your home has been on the market for 30 days or more and you haven’t seen very many showings it may be time. If you haven’t had very many showings, chances are that you haven’t had any offers, or any offers worth taking. So if it’s been long enough with little interest in your property or home, it may be time to consider that the price is what’s stopping people from looking at it. Try to price your home competitively. Talk to your real estate agent and see what they think is a comparable price to other homes like yours in the area.
Other lower properties
If there has been an influx of other properties on the market that are priced lower than yours, your property may be losing out to the competition. If you are in a hurry to sell your home, this may be a sign that you need to lower the price to stay competitive. If you’re not in a hurry to sell your home, you could keep it at the price that it is, and let the less expensive properties sell first. The problem with this is that other sellers may see the lower prices as what’s comparable in the market and list their homes at this price. You may continually be out priced if the market continues in this way.
If there is a lot of new construction in your area, and they’re pricing these homes at prices lower than your listing price, it may be time to consider that your house really is listed too high for your market and prospective buyers. If a potential buyer is looking a new construction and older construction with the same features, like two bedrooms and two bathrooms in both homes, they’re more likely to go with the newer construction.
It’s important to keep tabs on what other houses in your market are going for. It’s also vital to just keep tabs on the market. If you’re constantly getting out priced, or you have little to no interest in your property this may be why. Talk with your real estate agent in Bend, Oregon and see what they would recommend doing. If a price reduction is what they suggest, work with them to get a price that you’re comfortable lower it to.