Is it Time to Lower Your Price?

If your house has been on the market for several weeks and still hasn’ t yielded an offer, you may wonder if it’ s time to lower your price. While overpricing is the number one reason homes fail to sell, if your asking price was based on a recent CMA or an appraisal, it’ s probably competitive – and there may be another issue. Here are some of the most common issues to consider before reducing your asking price.

Buyers are probably seeing your home for the first time in ads or the MLS, so update your advertising materials with high-quality photographs that are clear, sharp, and present your house to its best advantage.

Once they’re interested, buyers may drive by your property, so always be prepared. Keep your lawn well maintained while you’re trying to sell your home, and clear up any clutter in the yard. Clean the windows and gutters, keep your garage door closed, and consider a new coat of paint to increase your curb appeal.

Repair any damages to your home before you show it. The cost of selling your home “as-is” will be much more expensive than making small repairs – from fixing a leaky faucet to replacing cracked tile – yourself. Visible damage may lead buyers to wonder what else is wrong.

It can be hard for buyers to imagine living in a house with red walls or fish wallpaper, so neutralize your personal decorating choices wherever possible. Update your lighting fixtures or appliances to make your home feel modern, and, replace anything that’s noticeably worn.

When buyers stop by, turn on the lights to make your house warm and inviting. Bad smells from pets or smoke are a turn off, so deodorize everything – or try the trick real estate agents use and bake cookies or light candles. Keep the house clean and tidy, since dirt gives the impression your home isn’t well maintained, and clutter makes it look smaller.

In today’s tough market, lowering your asking price is a reality you may need to confront – but only as a last resort. Try these simple solutions to make your home more appealing first, and you might very well end up with the offer you want.