Home Selling in 40505>Question Details

Mel, Home Seller in 40505

I have had my home in Elkhorn Park for sale since june,I listed it at $129900,and Ive reduced it to $124900.Any advice?

Asked by Mel, 40505 Sun May 1, 2011

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I didn't catch if you had it listed with a realtor or for sale by owner? If you get me the info I can give you better advice. Just text me and I'll get back to you asap :)

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0 votes Thank Flag Link Fri May 18, 2012
Give me your address and I'll provide a CMA for you free on this page!
0 votes Thank Flag Link Thu Sep 15, 2011
Hi Mel,
Thanks for your question.
If you are working with an agent, you need to have them do a Comparative Market Analysis (CMA) to identify similar properties in your area, what they have recently sold for, as well as how they’re currently priced. If you’re selling on your own, take a look at reliable websites to see what’s on the market in your area. You didn’t indicate how long ago you’ve lowered your price, but if it’s been recent, you may still have time to hold at this price to see if you get any results. However, if you reduced your price and it’s still not comparable to your competitors, you may want to revisit your numbers. Remember, it’s not just about your property, but also pricing it alongside other properties to keep yours under consideration.

Good luck!
0 votes Thank Flag Link Wed Sep 14, 2011
Your agent can tell you rather quickly with a CMA (Current Market Analysis) what's going on with other homes that closely compare with yours. I think you should just hold tight for a while and see what the price reduction does. Rule of thumb: Lots of lookers and no offers indicate to reduce your price.

Vicki Graham, Realtor
0 votes Thank Flag Link Wed Sep 14, 2011
What is your agent advising; in today's market pricing and marketing that maximizes your exposure are paramount, therefore review comps with your agent, recently closed similar properties in the immediate area; see what the data suggests and adjust accordingly, if needed, in order to be as competitive as possible; also review marketing strategies, and adjust accordingly as well; do keep in mind that a home is worth what someone is willing to pay for it; it doesn’t matter what the seller needs or potential buyers can afford to spend; market conditions do matter as does the immediacy for a transaction to take place...
0 votes Thank Flag Link Sun May 1, 2011
What does your realtor say? That is a long time for only a $5k reduction. The value of your home is what a buyer is willing to pay for it. How eos your home compare to other homes in your area at that price? Size, room size, condition, style, neighborhood? Does your home look fresh and clean? Clutter free? Is your flooring worn, paint chipped, bathrooms dated? If you have been on the market this long, the buyers are telling you that your price isn't right for your home. You either have to reduce your price or improve your "product". With the spring buying season, take a fresh look at your home and your price.

Good luck.
0 votes Thank Flag Link Sun May 1, 2011
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