Why does my Realtor keep telling me to lower my asking price?


Why does my Realtor keep telling me to lower my asking price?
By Scott Rogers • September 4, 2012
This post was going to entitled.....Is it possible to price aggressively low and still priced too high? But I figured I'd approach it from a seller's perspective mid-listing. In a changing market, it's often hard to get pricing right -- especially with a unique property. When pricing your home, we'll be looking at recently (6-12 months) sold listings --- as well as currently available listings. The ideal (but rare) scenario.... Recently Sold Comparable Properties: $295K, $300K, $305K Currently Available Properties: $309K, $312K, $319K Given the above scenario, we'd be wise to list for either $305K or $299K and hope to sell for $290K - $295K. But........there are some things that you can't always accurately predict......and thus there oftentimes will need to be corrections once your house is on the market. Perhaps most buyers of 4 BR, 2.5 BA homes that are currently in the market are looking for a main level master bedroom, and your home offers all 4 bedrooms upstairs. Perhaps we picked the lower list price above, but it is not low enough to account for the fact that your house backs up to a moderately busy road --- while all of the other (sold and active) comparable properties do not. Perhaps we viewed your closets as "somewhat small" but every single buyer that views your house would call them "prohibitively small" Whatever the reason for the push back on price from prospective buyers, we can't argue with the market's general feedback if your house is being marketed well, and has been given adequate time on the market to be exposed to a large enough pool of buyers. So......after we have your house on the market for a month or two, if we aren't having many showings (or we're not satisfied with the feedback from those showings) we may want to adjust our pricing strategy to work towards a successful sale. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 24, 2024 (unless otherwise noted).
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