Home Selling in New York>Question Details

Mary, Both Buyer and Seller in 14850

Drop the price or not?

Asked by Mary, 14850 Mon Mar 11, 2013

Our house has been on the market almost 3 weeks. We've had a total of 10 showings (including an open house) all within the first week and a half. Since then, we have not had any activity. Nor have received any offers. We've been told our house shows well. We feel we are priced competively based on the other houses on the market. We are contemplating dropping our price but, are concerned that maybe the market just isn't active right now. Our realtor thinks we should drop about $5-7k. We just don't want to drop if the market is just slow. Is there a way to know what the right decision is?

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Answers

8
Since you have trusted your realtor to sell your home, trust their advice on price. Your feedback will also support what your agent recommends.
Alissa Spears
http://www.HomesInRockport.com
0 votes Thank Flag Link Wed Mar 13, 2013
Since you had 10 showings, did you get some feedback positive or not, that could help you make some
improvement, so that your home may show better, if the feedback is about something you cannot change, then there is only the price left, but if some staging, removing or moving around of furniture, could show the home to be larger and if a few walls of en vogue colors may make a big impact and
show it as more updated, then I would certainly do those things first, change the price only slightly,
and let everyone on the listing sheet know that come and see our newly painted, or staged or whatever
it is that you can do to attract agent and their clients to want to see it. New photos on the multiple listing service and other website then can also help....

So do some brainstorming with your Realtor, what it is that you can do with not too much expense that
may make your home more attractive, then there is always the price drop....
Good Luck to you
Good Luck to you

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0 votes Thank Flag Link Wed Mar 13, 2013
We've had positive feedbacks and we have already done the whole staging process. There are some things that we are not able to change so, it may be that we need to adjust the price after all.
Flag Thu Mar 14, 2013
Hopefully by now your agent has provided you with a CMA. Make sure your asking price is not too far off of the mark that you are expecting to get for your home. It's better to aggressively price your property if you want to get it sold in a reasonable amount of time.
0 votes Thank Flag Link Mon Mar 11, 2013
Mary,

Rule of thumb:

if the house is not showing, it is priced too high.
if the house is showing, but not offers, it is priced too high.
if the house receives low offers...start negotiating.

Do not compare your asking price with that of others. The ONLY prices that have any meaning at all, are sales of similar properties within the same zip and school district (preferably no more than 1 mile from you) that sold within the last 90 days.

Sellers can ask whatever they want....that price is truly meaningless and may only manage to keep buyers away.

Listen to your Realtor.

gail@GladstoneGroupRealty.com
0 votes Thank Flag Link Mon Mar 11, 2013
Hi Mary,

I agree with Kathy. Has the weather been a factor in your area lately? If your real estate market is one that thrives mostly in the spring and summer months, you may just be experiencing a seasonal slow down. I would first ask my agent for some data on your local market such as number of months of inventory, average days on the market, number of competing listings in your area, etc. This might help you to make more of an informed decision before lowering your price.

Best of luck to you!

Barbara Grandolfo
0 votes Thank Flag Link Mon Mar 11, 2013
Our realtor has told us that there isn't a lot of activity going on right now for the market so, it doesn't sound like it's just us. He did say however, that we should drop before the market gets busy.
Flag Tue Mar 12, 2013
You need to decide how much of a hurry you are in to sell it as well as ask your Realtor to give you the data on how quickly other houses in your area have sold and for what sold prices compared to your price range and what your house has to offer. If after that, you feel that you are currently priced competitively, then wait a little longer as three weeks on the market isn't that long. Also, what is going on with the weather in your area. Once Spring really hits, the buyers will come out and you may get more activity. Ask your Realtor to find out from all the showings you've had if the showing agents thought your price is correct or too high.
0 votes Thank Flag Link Mon Mar 11, 2013
Hi Mary - Reducing the property without other marketing plans in place may not be the solution. Check with your realtor if they have placed an ad in the local paper, as well as place information about the property in the community.

There are several things the realtor should be doing to constantly promote the property outside of open houses. I strongly believe if a property is priced competitively, at least 1 serious offer should be made on the home in 60 days. It is still early in the process. Do not panic yet.
0 votes Thank Flag Link Mon Mar 11, 2013
Where are you located, Mary? How does your price bode with its assessed value?
0 votes Thank Flag Link Mon Mar 11, 2013
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