Jacqueline S.…, Real Estate Pro in Middletown, CT

Why do I have to reduce the price of my Home?

Asked by Jacqueline S. Williams, Middletown, CT Tue Dec 9, 2008

If your home has been on the market for longer than the average days on market than your home is overpriced. It is imperative, that with fewer buyers viewing homes, that you optimize your showings with the best condition, best curb appeal and most importantly THE BEST PRICE. Make each showing COUNT! Lower your price if your home is not sold within the average market time for your area.

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Couldn't agree more..............................
Let's get the word out
1 vote Thank Flag Link Tue Dec 9, 2008
not true!

Days on the market is not an indicator of home value! The credit problems facing this nation is the cause to the slup.
0 votes Thank Flag Link Wed Jan 7, 2009
Hi Jacqueline,

Welcome to Trulia Voices. Dunes is correct that this post is not really right for the Q&A section of Trulia Voices, however this post would be acceptable as a blog. Please keep this in mind when you write any future posts. I also encourage you to review our Community Guidelines and our Agent Best Practices at the links below.

http://www.trulia.com/guidelines/
http://www.truliablog.com/2007/08/13/trulia-voices-agent-bes…

Feel free to let me know if you have any questions.

Best Wishes,

Emily Gibson
Community Moderator
0 votes Thank Flag Link Wed Jan 7, 2009
This looks like a Blog Topic and not a question. Your statement may be true but it is a statement.
0 votes Thank Flag Link Tue Dec 9, 2008
The Market is what determines the value of your home and what a buyer is willing to pay for it. Pricing it correctly from the beginning in todays market is the key. I believe down here in South Florida, we are actually looking at the last 90 days of sales and taking into consideration the down market as our properties saw a loss of value of around 1% at the least every 30 days or so, depending on the location as well, Also taking into consideration all the foreclosed homes which also bring property values down in a neighborhood; the more bank owned properties the more your homes value went down. I think if you take into consideration your area, the condition of your home, your competitions home & price and recent closed comparable sales then your agent should be able to give you a pretty good estimate of what you should price your home at. Hope this helps and best of luck..
0 votes Thank Flag Link Tue Dec 9, 2008
Sorry, I do not see a question here.
Hate to say it , but it looks like Spam from the community guidelines.
0 votes Thank Flag Link Tue Dec 9, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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I completey disagree with that. My markets' DOM is running over 6 months. If a home goes that long without a price adjustment, then the seller is being set up for failure. When a home comes on the market here, it takes about 30-45 days for the pool of buyers it is marketed to, to find it and schedule a showing. If a seller waits longer than that, they are just waiting for the few new buyers to trickle in here and there into the market, and we know today, they are few and far between. So in that case, we would adjust our price to reach a different audience of buyers. Proper staging is also key. I have had some sellers stage 2, 3 and 4 times once feedback was obtained from a buyer and their agent. Something else we find that works well is offering a higher rate of compensation to the buyers brokers than other homes we may be competing with. Often times this, with taking buyers reccomendations is enough to do it and far less costly to a seller.
Web Reference: http://MelissaBMancini.com
0 votes Thank Flag Link Tue Dec 9, 2008
Is this a question or statement?
0 votes Thank Flag Link Tue Dec 9, 2008
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