All homes sell at some time at some price. You need to stand out somehow. Try to offer an incentive.
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This is probably one of the most common questions that home owners have. When selling a home, there are few things that are more inportant then pricing your property properly. Keep in mind that pricing a home is not a science, it is an art. Furthermore, it is critical that you and your Realtor are working toward the same goals. With this in mind, I recommend that you work with your Realtor to develop a pricing strategy.
This strategy would start with what your needs are (how much are you into the home? how much do you have to clear? how quickly do you need to move? etc), once you have clearly identified your needs and goals then you can build a strategy around that. My team does this with every home that we sell prior to listing the home. By doing this, you are being proactive and not reactive. You already have a plan to follow based on specific benchmarks (number of showings, offers received, internet activity, etc.)
My other recommendation is to ask your realtor for a weekly status report. Ask them for information on showings (and the feedback from showings), number of hits on the listing online, and number of times the listing was emailed or called on. Not every agent will have this information readily available, but all agents can provide you with it, and the good ones will not only have this info, but should be able to explain any trends and give recommendations based on the data. Lastly, remember that all real estate is local. This means that the market for your home is specific to your home alone. Working with a professional who understand the market not just in Missouri or Chesterfield, but your individual sub-division is essential for a smooth sale.
I market my listings and log all and any activity/interest in the home. I keep on eye on the traffic levels and what kind of feedback I get. If I continue to have really good traffic within the first 60 days.....I tend to leave the price where it is. If the traffic levels have slowed down and have not had any offers, I would suggest to have a price reduction. Hope this helps a little.
There are two factors that affect this answer...the origional pricing (assuming you or your agent really priced it to the current market and not too high to start), your location...some areas of Missouri are being hit harder than others, even some neighborhoods...and your selling range ( house that are $750,000 versus those at $150,000 historically sit longer).
The real way to tell whether you need to drop the price is by the amount of showings without getting an offer. You get the most people through when it's fresh on the market (typically in the first 4 weeks). If you've had a lot of people through and no offer (even one that's insulting), and your feedback doesn't indicate a problem, then you need to drop the price.
Your real estate professional should follow through on all showings and get all the feedback possible from the other agents and their clients as that's where you'll get the best information about pricing. In a buyer's market you need to put the best foot forward condition wise and be agressive in your pricing from the beginning. Pricing your property too high hurts you in the long run. Be aggressive...be realistic...be open and flexible to what the market tells you.