B
Do you need to sell, or do you want to sell?

How many homes, like yours, have entered escrow since yours hit the market?

Remember, how much you need to net, how much you paid, or how much your owe, make no difference to the buyer.

The rule of thumb is 10-12 showings or one offer in two weeks, or a price adjustment is in order.

Homes that sell in the first 30 days in my MLS sell at 99.7% of asking. At 120 Days On Market that drops to 92.3% of asking.

Good luck.

Keith

I like Barbara Q's answer as an alternative suggestion to help buyers with their closing costs. As she showed reducing the price does not make the home cost that much less on a monthly basis. However, your realtor may be thinking it will put it inot a different price bracket that more buyers may be using for homes in your area.

When your home is compared to others is it good value comparatively, not to what sold but to what is currently on the market. You need to look at your home as a buyer will, they will see the other homes and choose the one that is the best value and meets their needs best.

You say that your Realtor wants you to reduce your price by $4,000.
When you reduce your price by $4,000 it lowers a potential Buyer's monthly payment by $22/month.
So... do you think that your price reduction ($4,000) will expand your pool of Potential Buyers and increase your market potential??? NOTSOMUCH!

If your home is aggressively priced and you offer a $4,767 Seller concession that the Buyer could use toward closing costs or toward an interest rate Buydown that might entice more Buyers to take a looksee.

The $4,767 could be used to lower the Buyer's payment for the first 2 years:
3.5% Year 1: Buyer saves $262.40/month
4.5% Year 2: Buyer saves $135.03/month
5.5% fixed Rate for the remainder of the loan term.

the cost for the Seller is minimal in comparison to the savings for the Buyer. Win!Win!

Charts/costs/savings/calculators:

I should clarify. The homes that are selling in our area are "first time" homes. Smaller, older, or townhomes. Our price is in the ballpark of it's comps.

If the comps are under 200k and you are at $229k then you are overpriced by 30k. If you can not afford to sell it, then you might have to stay there or rent it out.