Since most homeowners would like their home to sell at a reasonable price and in a reasonable time, one of the struggles of putting a home on the market is determining the perfect price. Whether your house has been on the market for a while or you're just readying yourself for what comes next, here are some reasons that it may be time to re-consider your price.
How Long Has It Been?
A house that has been placed on the market will attract the most attention within the first 21 days, so if this period has passed and you still have no potential buyers, it might be a good idea to ponder price. While no offers at this time doesn't necessarily mean that you need to lower your price, you may want to revisit the cost other houses in the area sold for and decide from here how much longer you'll wait before receiving an offer.
Is It A Buyer's Market?
When putting your home on the market, there will certainly be a value in mind that you will want to sell it for. However, if you're currently in a buyer's market and there is a lot for sale, it's possible that the price you're looking for is not something you're going to be offered. For this reason, it's important to look at what the market is like in your neighborhood and city. As the housing market is constantly shifting, this means you should be on top of it so you can adjust your price when needed.
Do You Have A Timeline In Mind?
Homeowners often have a timeline for when they want to sell their home by, but life can sometimes get in the way and make for the necessity of a swift sale. Whether family issues or a new job have appeared on the horizon, lowering the sale of your home can be a good option to get your house off the market more quickly. You may not get the exact price you were hoping for, but there are situations where waiting for the extra money may not be worth it.
If you're selling your home and are re-considering your price, it's a good idea to stay on top of market trends and determine your circumstances before sticking to your original estimate. If you're going to be looking for a new home in the near future, you may want to contact one of our local real estate professionals for more information.