One of the most common questions we get from sellers is “What should I do if my property won’t sell?”
The answer to this question can depend on a lot of factors, but one thing that may help you sell your home faster and for more money is lowering the price.
There are things you need to be aware of before dropping your asking price, though. In this article, we will cover the dos and don’ts when it comes to reducing your asking price.
DO ask your agent if they feel you need to reduce the price
The first step you’ll want to take is to ask the experts if they feel a price drop is necessary. They know if a reduction will help you sell your home or not, and they can provide valuable insight on how much of a price drop would be appropriate.
While the final decision on dropping the price will be up to you, your realtor will have insights into the market conditions and current demand that you don’t have. It’s always good to get an expert opinion.
DON’T drop your asking price by less than 10%
As a general rule, buyers will look at properties that are 10% on either side of their budget.
If you drop your asking price by less than 10%, you’re just not going to have made enough of a difference to actually get any more interest in your property.
DO look into the options that aren’t a price drop
If you’re struggling to sell, your first move doesn’t have to be an immediate price drop.
A lot of things can be done to spruce up your property so it’s more attractive to potential buyers.
Some ideas are getting quotes for a fresh coat of paint, replacing any appliances that have seen better days, and giving the whole house a good clean top-to-bottom.
A new set of well-staged photos or a stylish twilight drone flyover can make all the difference without impacting your final selling price.
DON’T drop your asking price by more than 20%
Dropping a property’s asking price by too much can come across as desperate, and in some cases could actually make your house less desirable.
You want to give buyers the impression that you’re flexible on what they offer without giving them the idea that you need to sell quickly because of a potential issue.
DO give yourself a little negotiation room
You should expect to achieve around 95% of your asking price, which means 5% of your total price is an acceptable level of wiggle room.
Having your agent make it clear to potential buyers that you’re flexible on the price and giving up that 5% during negotiation is still going to get you a better price than dropping your asking price by 10% and then potentially having to negotiate anyway.
Get expert sales advice today!
Northwest Realty Group is committed to making sure you are living your “happily ever after” in your dream home.
We’re here to help you make home buying and selling an easy and enjoyable process from start to finish.
Our agents will work closely with you every step of the way so you can have peace of mind knowing that we’ll be there for any questions or concerns you may have. If you want to buy or sell property, then contact us today at 702-677-0039!
