Is reducing the list price of your Fort Smith home a smart move for you?
Submitted by Ellie Glidewell on July 13, 2014 – 11:05am
In a market where there are plenty of homes for sale but seemingly not very many buyers, some homeowners panic, wondering if they’ll ever be able to sell their house. There’s no need to panic. Instead, look at the situation realistically.
Is your Fort Smith home priced too high?
Should you lower your asking price with the goal of selling your home faster? Buyers are money-conscious, so going on the market with a lower price could draw more of their attention. At the same time, you’re money-conscious, too, and you certainly don’t want to give away your home.
If this is the position you’re in, the first thing you need to do is talk with your Realtor. In Fort Smith and surrounding areas, we’re definitely in a buyers market, but a smart real estate agent who knows the most current market trends would advise you to get a clear view of your circumstances before making a decision on lowering your list price.
Here are seven questions to help you make the right decision.
1. Is it imperative that you sell your home within a tight time frame?
2. What’s the difference between what you paid for the home and your current list price?
3. Are you able to move to a new home without selling the one you live in now?
4. What would be the impact on your finances if you took five percent off your asking price? Ten percent?
5. Is it possible that a five- or ten-percent reduction would have no impact on getting the house sold?
6. How much are you willing to lower your price?
7. Can you maintain your current asking price and hold on to the house as long as necessary?
Questions like these will get you thinking about all the factors involved in your campaign to sell your house. If you’re in a position where you must sell your home fast, your Realtor can help you determine if a new pricing strategy is the answer. He or she can also look beyond price and decide if maybe there are things you can do to your property to make it more attractive.
Home price isn’t the only “attractor factor”
If you’re getting a few potential buyers through open houses or private showings but the buyers aren’t biting, it doesn’t necessarily mean your price is too high. It may mean that your price is higher than the buyers’ perceived value of your home, in which case there are many things you can do to increase the value in the minds of buyers.
Nick and I are experienced Fort Smith real estate agents who know that there can be many reasons that a home sits on the market. If your current listing is about to expire, or if you’re just getting ready to put your house on the market, give us a call and we’ll explore this subject more in-depth. When we represent a seller, our only goal is to get our client the best possible price for his or her home. Every time.
Call us at (479) 739-2333 and let’s talk about it.
Nick & Ellie