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When is it Time to Drop the Price of Your Home?

Every seller wants the best price for a home they have listed on the market. If your home has not generated much interest or has not enticed a single offer from a potential buyer, it may be time to reconsider the asking price of your home. It is a difficult decision for many homeowners to have to make, and you want to make sure that you don’t end up upside down as far as owing money even after the sale has been closed. So how do you know when it is time to drop the price of your home? Look for the following signs and consult with your agent for help with the pricing and sale of your home and property.

  1. How fast do you need your house to sell? The number one reason to drop the price of your house could come down to what kind of time frame you are working in. Did you have to relocate for your job and now you are straddled with two mortgages? If your finances won’t stretch it is time to drop the price to generate more interest and get your home off the market.
  1. How long has it been listed? Has your house been on the market for a few weeks, months, almost a year? The longer your house is on the market the more likely buyers are to question what is wrong with your property. It is likely your home is overpriced for the market and it is time to consider dropping your asking price.
  1. Have you had a lot of online hits and some physical offers? If there appears to be a lot of interest in your home complete with showings and even offers that you have refused it may be that your expectations for price are too high. As long as there is interest in your home you may only need to drop the price a little to get buyers motivated and get your house sold.

The amount to drop in price is a decision to discuss with your agent. They are genuinely working for you and want to see you get a successful sale. Your agent can help you decide the best price drop based on time of year, repairs that need to be made, neighbourhood, and a host of other deciding factors.  Depending on your asking price a relatively small drop of a few thousand pounds could be just the push need to motivate buyers and get your selling contracts signed. For help on pricing and other home selling tips, contact us today.