Is It Time to Look at Your Price?

Since most investors would like their home to sell at a reasonable price and in a reasonable time, one of the struggles of putting a home on the market is determining the best initial  price. Whether your latest project has been on the market for a while or you’re getting ready to sell, here are some things to think about...

How Long Has It Been?

A house will attract the most attention within the first 14 days (if marketed correctly from day 1). If 2 weeks have passed and there are no offers, it might be a good idea to look at the price again. 

While no offers doesn’t always mean that you need to lower your price, you may want to look at recently sold home prices and the asking prices of the competing homes. If your competition have lowered their prices, you may be forced to do the same. 

How Is the Market?

When putting your property on the market, there will be a price that you will want to sell it for. It’s important to look at what the market is like in your neighborhood and city. As the housing market is constantly shifting, this means you should be on top of it so you can adjust your price when needed.

Just remember that what you want, or what you paid or what you need to get don't always have any meaning when it comes to what it is going to sell for...

Tick Tock Tick Tock

We often have a timeline for how quickly we want to sell a property. Sometimes selling quickly is a must. Whether it is family issues, a new job or even needing to raise capital for another project, lowering the price of a property can SOMETIMES be the best option. 

Sometimes but not always. Price gets the attention of buyers like nothing else...

You may not get the exact price you were hoping for, but there are situations where waiting for the extra money may not be worth it.

If you’re selling a property and are thinking about lowering your price, it’s a good idea to look at LOCAL market trends. Think about your circumstances and honestly assess the situation based on what the local market is doing and what is realistic and possible.

I admit to being a sucker for reading the latest news about U.S. home prices but that is not the information we need to make informed decisions abut a local market.

Some people like to say real estate is location location location.

But sometimes, real estate is all about the price!