Are you trying to market your home and finding that it’s not selling very well?
In my 10+ years of experience in being a Realtor in Indianapolis, I have found that three major factors that contribute to the marketability of a home: Price, Location and Condition. If your home isn’t selling, this might be due to something you can’t control, such as its location.
If you are struggling to sell your home, there is one factor that you can alter that might change things – the price.
Many homeowners are reluctant to lower the price of their home, because it feels somewhat like a defeat. However, while you want to make as much money from your house sale as possible – it is better to sell your home at a slightly lower price than to let it sit on the market for a long time. The longer your home sits on the market, the more carrying costs you are paying (mortgage interest, property taxes, utilities, insurance, etc.).
Have You Had A Lot Of Showings, But No Offers?
If you have had many people come to look at your home, but no one place an offer, this might be a sign that your price is too high. These lookers might be interested in your home, but are waiting for the price to fall before they would consider buying it.
How Long Has Your Home Been On The Market?
Has your house been on the market for more days than the average for your particular neighborhood? Letting your home sit on the market for a long time is not a good idea, as you risk the listing becoming “stale”. Buyers who see the same home for weeks on end, or notice the days on market being much higher than comparable homes, may wonder if there’s something wrong with the property and why it hasn’t sold. This can turn people off and delay your sale even further.
Do You Have A Deadline?
Perhaps you have a job offer in another city or you have already purchased another home, so you need to sell your house ASAP. In this case, dropping your price a little bit can be a great way to generate buyer interest and get the home sold. Remember – it doesn’t matter how much you need the money, a home is only worth what the buyer is willing to pay for it.
These are a few situations where you might want to consider reducing the price of your property. To find out more about selling your home, contact your trusted Indianapolis Realtor.