Home Selling in Dayton>Question Details

Michelebamag…, Home Seller in Moraine, OH

How much should you lower your price if you want it to sell or at least have an offer?

Asked by Michelebamagirl708, Moraine, OH Sat Sep 1, 2012

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In this market you should be within at least 5% of sales of similar properties in your area. If you have not had any showings in the first two weeks, or gotten any offers in the first 30 days, I think you should lower your price by 5%. Then reevaluate every 30 days.

Bob voge, Real Living Realty Services
1 vote Thank Flag Link Sun Sep 2, 2012
Rule of thumb: If you're getting showings but no offers - you are likely 3 to 5% above market. If you are not getting anyone to walk through the front door, reduce your price by 5 to10%. However, you should first look to see whether there are property condition issues that can or should be corrected. It's possible a small investment in a home improvement can attract buyers and an offer without reducing your list price. A property will sell even in the most difficult of markets when the balance of price and condition is correct. Good luck.
1 vote Thank Flag Link Sat Sep 1, 2012
LISTING PRICE
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.
Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”
Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)
Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.
Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
1 vote Thank Flag Link Sat Sep 1, 2012
What might it mean when a seller lowers the listing price by less than one percent? Lets say not even half of one percent but .2%?
0 votes Thank Flag Link Mon Mar 2, 2015
An honest price reduction would be 5% in this area.
However, if your home was significantly overpriced to begin with, a deeper cut will be necessary.
Do you want to stay? Or do you want to go?
Have your agent do a market analysis to see what a fair price point would be.
Remember that buyers and sellers create pricing... we just report the statistics.
Priced at market value, you should have an offer in 60 days.
Best of luck, and I hope you get a workable offer soon!
Mary Kirkendall/Realtor
Coldwell Banker Heritage Realtors
45440
0 votes Thank Flag Link Sat Nov 24, 2012
Hi,

Well, ask your Real estate Agent to provide you with recent sales in your area. That will give an exact idea if your property is overprice or is in the right price to sell.

Sincerely,

Maria Cipollone
Century 21
http://www.Flahomespecialist.com
0 votes Thank Flag Link Tue Sep 4, 2012
Absolute silence. That's the phrase I use to describe a 'No Offers" situation. Not even a low-baller.

You have accurately described this issue. The solution, however, is not so apparent.
The right solution for you depends on the goal and timeline you are working with.

Your real estate professional will be able to discuss with you the 'value bracket" (not list price) that buyers are embracing regarding homes like yours. Exceed this bracket and silence will be your enduring travel companion.

After proper value analysis, choose the marketing strategy that will result in meeting your time parameters.

With the absence of any relevant market data, one can agree that blindly reducing the price will produce better results than doing nothing. This practice of accidental real estate (blindly reducing the price) is the easiest approach, but may not be the most beneficial for you.

Consult your real estate professional, then advise hubby, he's has played and hand and should remain silent and refrain from second guessing the professional you have hired.

Best of success in selling your Ohio home,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Tue Sep 4, 2012
Do the research and find where the comparable properties are priced. Should be competitive with the competition.
0 votes Thank Flag Link Tue Sep 4, 2012
Well, it was my hubby's idea to have the price above what my realtor thought it should be. She thought it should be in the high 70's. So in hignsight...we made a mistake. Well, it has been at 79985 since May and we had increased traffic but no offers. We are thinking about lowering the price to $74,900 do you think that would help?
0 votes Thank Flag Link Sat Sep 1, 2012
You and your Realtor should have discussed an accurate market analysis at the time you listed your home. Without having details, it is impossible to say why your home has not sold. But if a home is priced correctly for the condition and the location, it should sell in a reasonable time.
0 votes Thank Flag Link Sat Sep 1, 2012
Hi Michelebamagirl708,

The best way to ensure your property will sell is to make sure it is listed at current market value. Have your Realtor do a Comparative Market Analysis (CMA) using SOLD comps within a 1 mile radius of your property (the closer, the better) that have SOLD within the last 3 months. This will give you current market value.

Good luck.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Sat Sep 1, 2012
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