27 Sep Should I Drop My Asking Price?
In a perfect world, you’d sell your house for more than you bought it for. You spent a lot of your own cash updating the kitchen, refinishing the hardwood floors, and installing a new roof. It would be nice to earn back your investment, wouldn’t it?
Unfortunately, things don’t always shake out this way. There are a lot of factors that determine the value of a home. When you decide to sell, your Summit County real estate agent will help you set realistic expectations and decide on a fair listing price. However, in some markets, even the most desirable homes can sit for weeks without a single offer. If you’re at this point, it’s time to ask yourself, “Should I drop my asking price?”
Lowering the price of her home is something no seller wants to do. Yet, it happens all the time. Why? Getting a buyer to take action typically boils down to three things: location, condition, and price. You can’t change the location of your home – and why would you want to? You can walk to get a cocktail and crab cake bruschetta during happy hour at Legends! Therefore, you have two remaining variables to work with. If your home is updated and has been well maintained, your Summit County real estate agent might suggest dropping your asking price to get buyers in the door.
So, should you drop your asking price?
It can be tricky to decide if and when it’s time to lower the price of your home. Here’s a checklist to help you determine if your asking price could be preventing you from making a sale this season. If you identify with one or more of the following, it might be time to discuss a price reduction with your agent.
- Your home has been on the market for 30 days with little to no interest.
- Similar homes in your neighborhood are priced lower than yours.
- You’ve had very little foot traffic at open houses and few showings.
- Your home appraised below your asking price.
- Dozens of buyers have passed through your home and not a single one has made an offer.
How low should you go?
Just like setting an initial asking price, lowering the price of your home should be a strategic move. Ideally, you’ll work with your agent to make a reduction significant enough to capture a new market of buyers. Generally, a drop of 5% to 10% will jump-start interest in your property. You’ll want to avoid making a series of small price reductions, which can prolong the sales process. A Summit County real estate agent will have the experience and insight to help you get it right the first time.
Take your listing from stale to sale
Look, we know how frustrating it can be to watch “Sold” signs appear in your neighbors’ yards before you even get an offer. If you live in a great location (which, let’s face it, is all of Breckenridge) and your home is updated and in good condition, it might be time to drop your asking price.
When you work with Dwell Summit, we’ll do a fresh comparative market analysis of your house to see how it stacks up against other properties in your area. Then, we’ll help you develop a price reduction strategy that will generate offers. A home that is priced right will always sell. How nice would it be to see that “Under Contract” sign on your lawn?
If you’re ready to sell your home and move onto the next chapter, give us a call. In the meantime, download our free Seller’s Resource Guide for tips and local market insight. We can’t wait to hear from you!
Contact us today at 855-DWELL-CO.