Jen, Real Estate Pro in 08075

Price reduction? How much?

Asked by Jen, 08075 Sat Jan 25, 2014

My house has been on the market for a little over 60 days. We had a lot of traffic until we hit the holidays. We had a lot of traffic during our 2 open houses as well. Issue is we have not had any offers. It is a town home and there are a handful of other houses in the same development for sale all priced at about 10-30k less than mine. Some have sold and some have been on the market for a long time. All of our viewers have said our house is great but priced too high. We've now been talking about reducing but I'm unsure of how much to reduce the price

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Selling one's home is an emotional experience. It's not just the physical building itself you are selling but the feelings and memories which come with it. It is, after all, your HOME, where your heart and family reside. When selling, however, one must put that aside and go with the FACTS; is your home as well-maintained as others in your community which have sold? Does it have the same upgrades? Does it contain any extras such as an additional garage, fireplace, deck, etc.? It must be compared with homes as similar as possible for appropriate pricing. And finally, as painful as this reality is to sellers, your home's VALUE is what someone is willing to pay for it!

Selling a home during a winter like this year is challenging. So is factoring in the holidays. But, if it has been on the market for 60 days without an offer, it's time for a price reduction. Let your agent (or if you are selling on your own, the price which similar homes in your community have sold for, guide you. Sometimes even a small reduction in price will bring fence-sitting buyers who loved everything BUT the price, off the fence to you with an offer.

Good luck!
0 votes Thank Flag Link Thu Feb 20, 2014
When you are in a community such as a condo complex where all or most units are the same in size and age, then the difference is upgrades, extras or on the other end, a need for repairs. Therefore all values should be similar with an addition or subtraction for wheat is in your unit. You need to look at what has sold and adjust your unit compared to those units. Then base your price on what the value is. Over priced homes are not selling in this market.
0 votes Thank Flag Link Thu Feb 20, 2014
My advice to my cilents is this - imagine that there is one buyer that is interested in buying a home like yours in your town and area, and since there are a number of choices you must distinguish yourself to be the one they pick. Some say it is a "price war AND beauty contest" - that is true. You must win on all fronts, be the best priced option for what you have to offer.

Based on the information you have provided - ie, highest priced option among a number of comparable choices, I think there is a very good chance you are helping to sell the other homes rather than helping your self.

Time to listen to your agent - she/he should be able to advice on where your price should be. You've got comparable data and real experience from y our time on the market. One price you know is not right, is your current price - if it were, you would be done.

Good luck to you!
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Thu Feb 20, 2014
Listen to the feedback from the viewers and adjust your price to be competitively priced. Based on what you mentioned I would recommend adjusting the price by at least $15,000;especially since you know the others are 10-30K less than yours.
0 votes Thank Flag Link Thu Feb 20, 2014
Are you selling your home yourself of with an agent? If you are using an agent it's time to sit down with them and look once again at what comparable homes on the market have SOLD for and when. A listing price is just that - an amount which you hope to sell your home for. The fact that similar homes in your development are priced significantly lower should tell you that this is what homes in your area are most likely worth in terms of market value. Remember, those homes are your competition. If someone can pay less for a similar home, no matter how nice YOURS is, they will consider purchasing the lower priced home. It just makes more economic sense. So, the bottom line is yes, it's time to reduce the price using comparable sold homes as a starting point for your reduction. What you want is to be priced well, with as little competition as possible.

Good luck...
0 votes Thank Flag Link Sat Jan 25, 2014
Is when it will make a difference
You need to be best priced home on the market
0 votes Thank Flag Link Sat Jan 25, 2014
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