Should I lower the price???

Question

My house has been on the market for 90 days now with no offer. If I am serious about selling should I start to lower the price?

My home is one of the smallest in the price range I am currently in. I am asking almost $40/sq foot over average.

Answer 1

Of course you should lower your list price, as you YOURSELF admit to pricing the home $40/sf OVER the average price despite the fact that it is the smallest home in the neighborhood. Your logic is crazy and those who answered you without fully reading your question just feed into the craziness. That is the problem with many of these answers, the morons don't read the question or the details.

Answer 2

You have several choices...

1. Lower the price to where it will attract offers. What are the houses in your area on the market for? Have your Realtor take you to look at them, so you can compare as a buyer would.

2. Provide incentives for potential buyers offering to pay some closing costs or to help them buy down their interest rate. (sometimes this cost much less than lowering the price)

3. Increase the commission your offering to the buyers agent. The more agents you have bringing buyers to your house. The more likely someone is going to fall in love with it. So instead of offering 3% to the buyers agent, offer 4%. This also usually cost much less than a price decrease.

4. Also, make sure your home looks like model home every time a potential buyer comes to look at the home. You might want to consider hiring a professional stager to help you out with that. Ask your Realtor what their professional opinion is too. They should be holding open houses and broker/agent preview as well as marketing it on the Internet. When your agent holds it open for a broker/agent preview, they should have everyone fill out some kind of "feedback" form. That way you can get several professionals opinion's on your home.

Answer 3

You should check and see what comparable houses around you are selling for? Are you asking about the same price? If yours is higher, do you have justification, ie: improvements?

Most areas have online tax listings where you can find out how much people's houses are (all you usually need is an address).

If your price is comparable to the market price, I'd give it more time. Or try more advertising (some realtors will penalize you if you do this, so check on that).

Good luck! Andy

Answer 4

What about improving curb appeal? Can you start improving the lawn? I have a spectacular front lawn because I put on Lawns Alive fertilizer from Gardens Alive; it takes time but helps a lot if you put on monthly. How about paint the doors and house? Flowers out front? New entrance door? My house has flowers, trimmed shrubs, new paint and people just stop to admire it. What about attractive light fixtures outside? Similar improvements inside? You can dress up a house by finding a craftman at a reasonable price and make it a wow house when a woman walks in. Sells fast.

Answer 5

It would not hurt to do a price reduction, or offer some buyer incentives. Ninety days is not long on the market. I am in a reasonably healthy real estate market, and our 'market days' has been over 100 on average, even in years past, when sales were REALLY hot.

Answer 6

if you are serious then yes and it should be lowered $10,000 at time

ask your agent to show you some of the other houses that are also for sale in your area so you will know your competition, make sure your house is actually ready to show does it need anything? carpet, paint de-clutter etc.. what ever the lowest price house is in your area put your out there under that one.

Answer 7

90 days isn't enough time to lower the price.
Try posting the house free classified ad sites like craigslist, http://www.webcosmo.com That will attract good number of people in short time.