Husband wants to lower price. It has been on the market for 3 weeks. 1 open house, and 1 showing. Should we lower it?

Asked by twin2day, Moline, IL Tue May 6, 2014

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Annette Law…, Agent, Palm Harbor, FL
Tue May 6, 2014
Twin in Moline,
This is were knowing the stats for the local market is ESSENTIAL.

For instance if only one home similar to yours, in your community, near your price point sells every month throughout the year, your experience MAY not be exceptional.

Now, here is where it gets tricky. If the level two showings (using the example above) are 10 or more per month, you can be assured all the interested buyers DID see your home and rejected it. That means the one buyer found another home to buy instead of yours.

Now it the time to analyze what has been selling in your area with similar attributes and what has been selling at the same price point. What made these homes superior to your in the eyes of the buyer? Does the message align with the target buyer?

After this analysis you may find the problem has nothing to do with the price but perhaps the condition, color or perceived obstacles to buying your home.

Or you can REDUCE THE PRICE. That action seems to overcome all your expense.

Time to confer with your REALTOR and do the homework.
Best of success,
Annette Lawrence, Broker/Associate
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Brian Kurtz, Agent, Dearborn, MI
Tue May 6, 2014
Is your home listed with an agent? If so then I would have a chat with them about pricing immediately. Moline has a population of just over 45,000 and it seems like a nice place to live. I can't imagine that it's the only place in the nation where things are slow.

Homes that are priced right seem to get a showing every other day (if not every day) so having only a few showings over the course of weeks indicates something is wrong.

The exception to this would be if you're selling your home yourself. If so, then your home is excluded from the lion's share of the exposure to ready-and-willing Buyers and it's anyone's guess how many showings you'll get. When listed with an agent you'll have an entire fleet of full-time salespeople tripping over each other to get your home sold. If not...well unless you're aggressively marketing the home yourself by owner, then any showings that happen are almost just by sheer luck.
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Terry McCarl…, Agent, Cape Coral, FL
Tue May 6, 2014
Discuss this with your listing agent if you have one - if you are trying to do FSBO you won't get much activity if you aren't heavily marketing the property and doing so correctly. If the comps suggest a lower price you should lower it right away. If the comps don't suggest a lower price you need to figure out why you aren't getting showings such as little to no marketing, poor pictures etc...
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Philip Senkus, Agent, Vienna, VA
Tue May 6, 2014
What do the comps say? I would give it 4 weeks before lowering it..
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