Home Selling in Oakland>Question Details

Trulia Oakla…, Home Buyer in Bronx, NY

If you're selling your home and you've priced it too high, what's the best course of action?

Asked by Trulia Oakland, Bronx, NY Fri Apr 19, 2013

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Do a price reduction to the price that you are willing to consider accepting. Yet in order to come up with the right price, your agent should have already done the market research on any sold, pending and active properties similar to yours. He should have the comparable for the last 3 months of those houses in about 2 miles radius in the vicinity of your home and show you the results. Statistics are very important to help determine a logical and objective asking price. That will give you a chance to see the current market trend so you could make you own decision.

If possible it will be a good idea to have the asking price just a little lower than the overall market price in your area, to encourage more buyers to view it. Many houses priced too high and end up reducing and not sell for a while is because I know a lot of buyer have a price set in their mind, if it is higher than they would like or expected, they rather choose to not view it at all. I have always told my sellers, I do my best to get the maximum price for their properties. But I cannot sell their house if no buyer come to view them. I seen it over and over again, when buyers saw a house they like, they are willing to go all out to get them, it is amazing! Creating multiple offers are one good way for sellers to get the maximum price for their properties. Of course, to prepare your home and stage it before putting it up on the market is another part of selling a home. But that will be in another email.
0 votes Thank Flag Link Fri Apr 19, 2013
You just answered your own question within your question, lower the price. Every property will sell, at the right price.
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0 votes Thank Flag Link Sat Apr 20, 2013
The ONLY reason a house doesn't sell is price. It isn't rocket science. The longer you linger on the market the more the perceived value will decrease. Have your agent do a CMA and an absorption rate analysis and lower that price TODAY.
0 votes Thank Flag Link Sat Apr 20, 2013
duhhhh....reduce the price! Come on Trulia...surely you can find a more substantive questions!
0 votes Thank Flag Link Fri Apr 19, 2013
If you have priced your home too high, the best solution is to do a price reduction. You can also take it off the market and make it look more appealing. Make sure that it is available to show to potential buyers easily, have a lockbox installed. Have many professional pictures taken.
Good Luck!
0 votes Thank Flag Link Fri Apr 19, 2013
Make sure your agent has done the marketing. Which houses were on the market when yours came on-your competition in size, features and price? Did you see those houses? Are they still on the market; have they changed their price, or expired/withdrew? If your competiton has sold, and the marketing and advertising has been done, and your house is clean, neat, and easy to show, then you are asking too much, and need to lower the price. if your agent has not done the marketing and ads, and your house is neat, clean, staged, then you should fire your agent.
0 votes Thank Flag Link Fri Apr 19, 2013
Pricing is one part of your sales strategy. In that strategy you should already have planned the "what if " scenario, like what if it does not sell at this price. There are 3 potential actions: do nothing and wait longer, if you can wait time wise, and can afford it. You can take it off the market and rethink your sales strategy, and come back later, or you can reduce the price (or remedy what aisles the property at this price).
A
0 votes Thank Flag Link Fri Apr 19, 2013
Lower the price by enough to try and get multiple offers. You may just get the price you want if you can get multiple offers and create competition. However, only lower it to a price you are willing to take in case you only get one offer at the new price. How does it show? Did you have it staged/painted? If not, you may consider having it staged and painted. It all depends on the situation. Good luck!
0 votes Thank Flag Link Fri Apr 19, 2013
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