When you’re selling a home in Boca Raton, your REALTOR® will talk to you about pricing – but what are the signs that your asking price is too high for the market?
3 Signs You Should Lower Your Home’s Asking Price
Your real estate agent will work closely with you to help determine the appropriate price for your home. It’s in your best interest to go with your real estate agents recommendation for an asking price. That’s because your agent will conduct extensive research before settling on the best possible price, including pulling listings from the Multiple Listing Service to find out what homes have sold recently, which homes were on the market but never sold, and the prices other people are asking for their homes.
However, sometimes people – against their real estate agents’ best advice – overprice. Overpricing poses a few problems. Most notably, overpricing your home means that it’s going to need to compete with homes that are properly priced and cost more. Those homes will more likely have more amenities, could be in a more desirable location, and maybe larger than yours; that means, comparatively, your home is going to come up short.
If you’ve made the mistake of overpricing your home, these are the three signs it’s time to lower the price:
- You’re not getting showings
- You’ve only received lowball offers
- Other homes are priced lower – and selling
Here’s a closer look at each.
Sign #1 That You Should Lower Your Asking Price: You’re not getting showings
When a new home hits the market, the seller often flooded with requests for showings. If your home has been on the market for more than a few days and your real estate agent hasn’t called you to let you know there are people interested in seeing it, it may be a sign that you’ve set the price too high.
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Sign #2 That You Should Lower Your Asking Price: You’ve only received lowball offers
If people have come to see your home but only made lowball offers – we’re talking tens of thousands of dollars lower than your asking price – your home may be priced at a higher point than it should be. Although some house-hunters always make lowball offers, if all of the offers you’re receiving are far below asking price, it may be time to consider making a price cut.
Related: 7 secrets to selling your home fast
Sign #3 That You Should Lower Your Asking Price: Other homes are priced lower – and selling
If other homes in your neighborhood, condominium complex or community are priced lower and sellers aren’t having a tough time finding buyers, it’s a good sign that you are asking too much for the space. That’s particularly true if the homes that are selling are very similar to yours in size, amenities and location.
What Happens When You Reduce the Price On a Home?
When you tell your real estate agent that you want to reduce your homes listing price, she’ll enter the new price into the Multiple Listing Service, or MLS. The MLS feeds into major listing websites, so your listing will automatically reflect the changes in most (if not all) of the places it appears online.
On many websites, prospective buyers will be able to see that you have reduced the price. Although reducing the price may help you sell your home, it can do some damage, as well. That’s because prospective buyers may wonder what’s wrong with the home and why you couldn’t sell it at its original price.
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