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 â€œchasing the curveâ€) and Buyers will be asking the question; â€œWhatâ€™s wrong with that house?â€ and â€œWhy has it been on the Market so long?â€
Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; â€œArenâ€™t you obligated to sell at this price if someone offers it?â€ 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.
The market in Cooperstown is slowly coming back, and hopefully this spring we will see more buyer interest.
Is your housed priced correctly? Have you been given updated information on sales in your area? These are important factors in getting your home sold at the best possible price and in the least amount of time. Good Luck, I hope the new year brings you a buyer!
There is always something one can do to improve on the homes chances to find a buyer.... Staging,
new paint, curb appeal changes etc., But no Realtor can change the market surrounding your home, nor
the location of your home, its age, style etc., and certainly we cannot really create Buyers. In most parts of
the country we are in a Buyers market, too many homes on the market, many more than there are ready and
willing and able buyers, therefore the buyers select from many available homes and they can go for best for
the least amount of money.... So many homes stay behind for years until one day the right buyer comes
along. Reducing the price could help, but sometimes just the right buyer has not yet come along...
The best I can suggest at this time, sit down with your current Realtor and look at what has sold in your
area and what has not and how long it took most of the homes to get sold. Your Realtor most likely has
soon some of the homes competing with yours, or could see them even take YOU to see them and you
can get a good feeling how yours compares to others in that price range in your area...
And then discuss what you can change, sometimes new photos after you have moved some furniture around, or out, may be a wall or two painted in a more modern darker tone etc. all can refresh your
home to the buying public. Your Realtor could also decide to change the description of the home in
the multiple listing service and on website, to make your home FRESH AGAIN.
Good Luck to you!
Edith YourRealtor4Life! and Chicago and Northern Illinois/North Shore Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike!
Edith Always goes the X-tra Mile with a Smile for her clients......
Find out how when working with an experienced Realtor buying and selling real estate will
become a pleasant and successful experience by going to:
Edith Speaks French, German, English some Spanish & more
Referrals are always highly appreciated and I work in many areas of the US with my partner
I would suggest meeting with your agent. It might be a good idea to update the comps in the neighborhood. I had a listing that I had for a while that I had to hold open week after week to get people in. I had nobody coming through. So maybe suggest an open house and a brokers tour. Not sure how your market is there but with the number of homes in inventory that makes for longer market times however 2.5 years is a lot! Good luck!
Best of luck.