Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Should we drop the price of our house
Background - homes in my area have sold between $170,000 and $220,000. My house is listed at $199,000. We have an average of 1-2 showings a week. One buyer has had a second showing and has expressed recent interest, but it has been almost two months and we haven't had an offer yet. At what point do you lower the price and by how much.
Re: Should we drop the price of our house
think it depends a lot on how your house compares to others. If you want it to sell quick I would drop the price for sure if its been 2 months and no offers. How much? Well how much can you afford to drop it? 10,000 doesnt really help in my mind..if you are going to drop it you need to drop it enough that people who were not interested in seeing it before, its now in thier price range...so maybe go down nearn that bottem number you listed? Also maybe try going to open houses in your area and measure up 'the compitition'.
Even if houses look the same on comparable lists, little things like the same sqft but more open floor plan, or less painting, or more yardwork etc, all those variables can help a house sell faster then another one, so knowing whats selling nearby can help you figure out if your house is overpriced because of some of those things.
I know there is a house up the street from ours with the same floor plan as our thats listed above our was (but ours was listed cheap as they needed to sell fast - but it was move in ready) and has sat for sale for close to 4 months, we went to thier open house last weekend and realized why, even though its the same house as ours, they have done nothing to make the yard nice, there are dings in most of the walls, its all still buildergrade finishes (cheap looking) and frankly the owners choice of furnature (oversized in not huge spaces) makes it feel cluttered so when theres other houses for sale inthe area its no wonder people pass that one by even though its one of the cheaper houses listed....
My Blog:Through My Eyes
Are you working with a realtor? What kind of similar sales have happened in the last 3 months? Are prices on the rise? How does your house compare to other comps?
When the price is right - the house sells. Usually that means less $ than you wish.
How does your house compare to the comps? Have you gotten any feedback from the showings to know what potential buyers liked/disliked about your house? Have you used a home stager?
You may want to do a combo of lower the price and making home improvements.
If the price is right, it will sell. You're still getting activity so that's a good sign. It depends on how much inventory is in the area and how your home compares to the inventory. Ask your Real Estate Agent to show you some comparables in person to see what you're up against. If your home is outdated and you aren't willing to spend the money to bring it up to date, you should consider dropping the price considerably. There is also an average Days on Market you can look at to determine how long it takes homes in your area to sell. Many variable come into play when you are selling a home. Your agent will guide you through all of this.
Jackie Dyer-REALTOR
Ask your Realtor to show you (just like a buyer) the competing homes in your neighborhood. Price and condition are typically the two reasons that homes do not sell. Do the other homes look cleaner, more updated, less clutter, better maintenance, etc? Are there floor plan differences? Bring along a friend who "tells it like it is" and have them give you feedback.
Also, ask your agent what you need to do in order to get it sold. If your agent is fumbling through this process or does not have good answers it might be time to find a new one. If that happens look for a top agent with a solid list:sold ratio (I can help you with that if/when the time comes).
Good luck!