One of the biggest dilemmas home sellers may face is trying to figure out what to price to list their home. For many, their home’s hold great personal value, however this may not translate well numerically. This is why it’s crucial to work with your real estate agent to identify when it’s the right time to drop the price of your home.
There have only been a few showings
If your listing hasn’t received the amount of attention you feel is necessary to find a quality potential homebuyer, you may want to consider decreasing the price. Doing so can lead to an all-new pool of potential homebuyers ready and willing to get the home purchasing process underway.
The property has gained plenty of attention but has no offers
If your property hasn’t received many offers but has garnered much attention, there are a few things that could be wrong. First, consider the state of being your home is in. Are there any fixes needing to be made? Are many aspects of the property outdated? How's the curb appeal?
Some cost-efficient changes can be made, such as giving the exterior of your home a fresh paint job, or using inexpensive vinyl flooring to modernize your kitchen or bathroom.
However, if larger projects are needing to be made, taking down the cost of the home can attract potential buyers who are ok with making the fixes themselves.
Your home has been on the market too long
The longer a listing stays on the market, the more likely potential buyers are to be uncertain about pursuing your property. They may question the quality of your listing, and may even go as far as to wonder what’s wrong with the property if no other buyers are interested.
Working with your real estate agent, you can set a competitive price point to gain positive attention and boost the possibility of selling your home more quickly.
Troubleshooting along with great pricing can get your home in front of the right audience and sold in a timeline meeting your expectations.
About the Author
Kyung Kim
Hi, I'm Kyung Kim. I immigrated from South Korea to the United States in 1968 when I was 7 years old. I have seen my mom struggle with the English language and work hard to raise her four kids by herself. Still to this day, I don't know how she pulled it off, but she bought her first home in 1979 for $70,000 and because of that decision, she was able to live without worrying about her financial future. I want that for everyone, to feel the pride of home ownership and to build their financial wealth using real estate as part of their financial portfolio. I feel so blessed to play a small role in helping others reach this goal.
I live in Beaverton with my husband, Richard. My mom, who lived with us for several years, passed away in our home in February 2022. Her first home purchase in 1979 made it possible for her to live to the very end, without worrying about her finances. As of August 2022 with a little downpayment assistance, our four children own their own homes. Being in real estate, I quickly realized that if they didn't buy now, they may be priced out of the market in the future. Whether that would have been the case, we will never know, but what we do know is that they are all realizing some good, healthy appreciation in their home values.
As passionate as I am about people owning their homes, I'm also passionate about giving back to our community. I support Compassion First, a non-profit organization that provides aftercare for sex trafficked girls in Indonesia. My husband and I also feel called to financially support social injustice organizations.
I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.
