These Six Signs May Be Telling Your It's Time To Reduce
This article is copied in part from HouseLogic.com
1. You’re drawing few lookers.
You get the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it.
2. You’re drawing lots of lookers but have no offers.
If you’ve had 30 sets of potential buyers come through your home and not a single one has made an offer, something is off.
3. Your home’s been on the market longer than similar homes.
Ask your real estate agent about the average number of days it takes to sell a home in your market. If the answer is 30 and you’re pushing 45, your price may be affecting buyer interest.
4. You have a deadline.
If you’ve got to sell soon because of a job transfer or you’ve already purchased another home, it may be necessary to generate buyer interest by dropping your price so your home is a little lower priced than comparable homes in your area.
5. You can’t make upgrades.
Maybe you’re plum out of cash and don’t have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn’t as well-appointed as similarly priced homes.
6. The competition has changed.
If weeks go by with no offers, continue to check out the competition. What have comparable homes sold for and what’s still on the market? What new listings have been added since you listed your home for sale? If comparable home sales or new listings show your price is too steep, consider a price reduction.
Read this article in full at HouseLogic.com
Comment: It's important to keep an open mind that your initial listing price can be a "test and see" price and that an adjustment to the price may be necessary. If you start out in the beginning with this reasoning it will keep you from putting your hopes on high expectations that might be unreasonable.
Be certain that your real estate licensee has provided sufficient SOLD comparable's to help you get a realistic expectation of the selling price of your home.