Mindy Young & Joanne Rathbun's Blog
Is now the right time to lower the asking price for your residence? If you've studied the housing market closely, set an aggressive price for your home and are still struggling to generate interest in your residence, the answer to this question may be a resounding "Yes."
Ultimately, there are many reasons why you may want to consider lowering the asking price for your house, including:
1. It has been many weeks or months since the last home showing.
Although your home listing initially may have stirred up plenty of interest, homebuyers have shied away from your residence over the past few weeks or months. Thus, there may be no time like the present to lower your house's asking price to widen your net of prospective homebuyers.
Reducing your house's asking price by even a few thousand dollars may help you generate interest in your residence. And in the days following a price drop, you may notice a significant increase in the number of requests for home showings as well.
2. Your home asking price no longer corresponds to the current real estate market's conditions.
A seller's market can quickly morph into a buyer's market. As such, you should evaluate the real estate sector regularly to ensure your home asking price corresponds to the current housing market's conditions.
Take a look at available houses that are similar to your own – you'll be happy you did. This housing market data can help you determine if your house is priced appropriately based on the competition.
Also, examine the prices of recently sold houses in your city or town. That way, you can see how long these residences were available before they sold, find out whether you're operating in a buyer's or seller's market and plan accordingly.
3. You need to sell your house as soon as possible.
If you face a time crunch to sell your home, you should establish an aggressive price for your residence from the get-go. However, if you fail to generate substantial interest in your residence, you may need to act fast to lower your home asking price to meet your deadline.
For those who want to avoid the possibility of lowering a house's asking price, it often pays to work with a real estate agent. This housing market professional can help you establish a fair, competitive price for your residence, one that should help you stir up significant interest in your home.
In addition, a real estate agent will work with you throughout the home selling process. He or she will set up home showings, host open houses and negotiate with homebuyers on your behalf. Perhaps best of all, a real estate agent is happy to respond to your home selling questions and ensure you can make informed home selling decisions.
Before you lower your home asking price, consult with a real estate agent. By doing so, you can get the expert home selling advice that you need to determine whether to wait out the current housing market or reduce the price of your residence.
If you plan to sell your house, you likely will want to do everything you can to maximize its value. Lucky for you, we're here to help you obtain the best offer for your house, regardless of whether you're operating in a buyer's or seller's market.
Now, let's take a look at three tips to help you get the best price for your residence.
1. Enhance Your House's Curb Appeal
Curb appeal is a difference-maker for any home seller, at any time. If you allocate time and resources to boost your house's curb appeal, you may be able to differentiate your residence from the competition. Perhaps most important, improving your home's curb appeal may help you increase the likelihood of a fast, profitable home selling experience.
To improve your house's curb appeal, you should mow the front lawn, trim the hedges and perform any necessary home exterior upgrades. Consider the homebuyer's perspective, and you're sure to find lots of ways to enhance your house's appearance.
In addition, if you need help with home exterior upgrades, there is no need to stress. Many home improvement professionals are available in cities and towns nationwide, and these professionals are happy to help you transform your home's exterior from drab to fab.
2. Determine the Current Value of Your Home
A home appraisal may prove to be exceedingly valuable, particularly for a seller who wants to establish a competitive initial asking price for his or her house.
During a home appraisal, a property expert will examine a residence both inside and out. This expert also will evaluate various housing market data. Then, the property expert will provide a property valuation based on the appraisal results.
Once you receive a property appraisal report, you'll have a good idea about the current value of your residence. You next can use a property valuation to set a competitive price for your home from day one of the house selling journey.
3. Collaborate with a Real Estate Agent
As you look for ways to earn as much money as possible from your home sale, you may want to consider working with a real estate agent. Because if you have a real estate agent at your side, you can receive plenty of support at each stage of the home selling journey.
A real estate agent understands what it takes to optimize the value of a home. First, he or she will meet with you and learn about your house selling goals. A real estate agent then will help you determine the ideal initial asking price for your residence and promote your house to potential buyers. And if you receive an offer to purchase, a real estate agent will provide a recommendation about how to proceed.
Want to achieve the best-possible results during the home selling journey? Use the aforementioned tips, and you can move one step closer to maximizing the value of your house.