When to Reduce Your Listing Price When You Sell Your House

Written by Erika on 10/07/2019

When to Reduce Your Listing Price When You Sell Your House

When you decide to sell your house, you must not only prepare for the listing, staging, and paperwork. More importantly, a good property seller should be ready and equipped in scrutinizing purchase offers and handling price negotiations. If your goal is to sell your house fast and you’re receiving low offers, watching these signs will help you decide when you should reduce your listing price.

 

NEGATIVE EXTERNAL FACTORS AFFECT YOUR HOUSE-FOR-SALE

If your listing has been sitting on the market for months and been receiving a few showings, while your neighbors’ houses are sold in just a week, you might want to have a competitor price check. Being aware of what type of market you’re in and how other similar properties are priced will be your best indicators. While your primary goal is to sell your house fast with maximum gain, the market condition might not just fit your asking price. 

 

Of course, you wouldn’t want to sound desperate when you sell your house, but your listing period should also be your marker for a price adjustment. The chance of getting your house sold for your asking price usually happens during the first couple of weeks. This means that the longer your house sits on the market, it becomes more difficult to sell it for your asking price. 

 

 

NEGATIVE EXTERNAL FACTORS AFFECT YOUR HOUSE-FOR-SALE

 

If your listing has been sitting on the market for months and been receiving a few showings, while your neighbors’ houses are sold in just a week, you might want to have a competitor price check. Being aware of what type of market you’re in and how other similar properties are priced will be your best indicators. While your primary goal is to sell your house fast with maximum gain, the market condition might not just fit your asking price. 

 

Of course, you wouldn’t want to sound desperate when you sell your house, but your listing period should also be your marker for a price adjustment. The chance of getting your house sold for your asking price usually happens during the first couple of weeks. This means that the longer your house sits on the market, it becomes more difficult to sell it for your asking price. 

 

 

 

YOU’RE SELLING A HOUSE WITH A LOW APPRAISAL VALUE 

 

Getting an appraisal will assist you in pricing your home right. Professional property appraisers determine the overall value of your home by evaluating the location, house features, condition, and comparable values in the neighborhood. While the appraisal score depends mostly on the features of your home, external factors like the type and condition of other houses in your neighborhood could also affect your score negatively. If your home appraised low, it’s a fair reason that you should do a price adjustment. Reducing your listing price however should not be drastic, or you might just make others think that there’s something wrong with the house. To sell your house fast, remember to reduce your price “just enough” to entice buyers’ interest. 

 

 

 

SELLING YOUR HOUSE BEFORE IT’S TOO LATE

 

In some circumstances, dropping your listing price still doesn’t work nor improve the number of showings you receive. Such cases, however, isn’t a dead-end for home sellers, yet. If you think the market condition or the season is not in your favor, selling your house is still possible.

 

Sell your house to We Pay Fast and we’ll evaluate it right away. Just call 1-800-WePayFast or email us at [email protected] for a faster and smarter home selling solution.