Your West Bank home has been on the market for awhile. After the initial flurry of activity, you are now sitting there. Waiting. Not so patiently, I’m sure.
Is it time for a price reduction? Perhaps. Here are our 4 signs that it’s time for a lower price.
Showings have slowed to a trickle/no showings at all
You can’t sell a house that no one is coming to see. If your showings have dropped off and there is little to no activity, that means that buyers have decided to pass your home by – for whatever reason. If the condition is good, then price is the only adjustment you can make.
Low ball offers
If you are getting offers, but they are all written in the same low price range, that’s a clear indicator that either your condition needs to improve or your price needs to change.
Negative buyer feedback
If the feedback your agent is getting from buyers is consistently about the price, it’s time to consider an adjustment.
Your competition has already sold for a lower price
There’s no getting around the fact that no matter what price a buyer agrees to pay for your home, it still has to appraise. If your direct competition is all selling for a lower price, it’s OK to leave a little wiggle room for negotiations, but it’s not OK to be priced extremely higher than what they sold for.