Drop price on house thats been on market 1 week to get offers or be patient??

Asked by Adirondack20, 72703 Thu Mar 17, 2011

We are wanting to build a new house in town and have 45 days till our contigent offer on the new construction lot expires. We have had a few showings, but no offers. If we add "motivated seller" or drop the price so soon, will it make us look desperate? We have equity in our current home and aren't trying to make a killing - We would be happy to break even because we are making a lateral move as far as price goes

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Jeff Little’s answer
Jeff Little, Agent, Smyrna, GA
Wed Apr 27, 2011
Sometimes just one week is too soon to tell. That being said, none of those who saw it said "I've got to have it" because you don't have any offers. In this market, price and condition are selling homes. If you feel the condition can't be improved, the only other thing you can change is the price.

Because of your short timeline, pricing is going to be key to getting your home sold. If you price it low enough, you might even create a bidding war - this would be your ideal outcome. Best of luck!
0 votes
Sarah Klamm, Agent, Wellsville, KS
Thu Mar 17, 2011
Does your agent think you priced it right to start with or could you be a little high? If you were high, come down a little. If comparables show you in the lower end of your competition, be patient. Think about the carrying costs of having both homes if your home doesn't sell. The numbers might tell you to go ahead and go lower. Good luck!
1 vote
scott farmer, Agent, Scottsdale, AZ
Thu Mar 17, 2011
Statistics show that the warmest sale period is the first 30 days. Your agent is the one that can give you the best advice about price to start. They can even provide you with an analysis that will show the pricing trend is your market stabile or prices going in another direction. Get it right out of the gate.

Good luck selling,

0 votes
Ricardo Mora…, Agent, Chicago, IL
Thu Mar 17, 2011
If you have the thoughts from the beggining that the price is too high, Lower your price at once. A good practice is to check the recently sold properties around your area to determine the magic number you will start with. Ask your agent to help you with that research. The importance of setting a right price from the beggining is a key factor in the smoothness of the transaction overall, you dont loose momentun from the time you put it on the market, as a result you most likely get as good as it gets of a deal. Remeber that the maintanence of a sitting house can cost greats amount of money and you would only sell it at a lower price in the end anyways. Ask your agent to monitor the activity around it for the first 6 weeks, if no request, keep on lowering, if request happen in the first 3 weeks, keep the price. Have patience and you´ll buyer will come. Consider this 20 Tips for Selling your House at the link below.

My Best Regards,

Ricardo Morales CDPE / ARB
0 votes
Susie Huxford, Agent, Avon, CO
Thu Mar 17, 2011
I agree with the other 2 agents in this post. We need a bit more information to give advice.How does your house compare with the others on the market? Is there anything that sets it apart from the others? Sometimes we have a hard time seeing our home realistically. We usually always thing our home is better than all the others. This is human nature that drew you to the house in the beginning. If you know any other brokers that are friends, you could possibly ask them their opinion unless they are upset with you for listing with someone else. Or you could call another agency and just ask them for their opinion. Ask them if it isnt too much trouble. People like to be asked for their "expert" opinion. Just a thought. Good luck!
0 votes
Sally Grenier, Agent, Boulder, CO
Thu Mar 17, 2011
After one week, I think it's too early to tell. Sarah has some good advice. If you were a little on the high end to begin with, then definitely drop it down. But if your agent thinks it's priced well, then just hang in there. Think positive thoughts. Be as accomodating for showings as much as possible. Keep the house spotless. Good luck to you!
Web Reference:  http://www.sallygrenier.com
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