Price is what decides IF your house will sell. One of our agents has done research, and discovered that virtually every house sells within 15-30 days of its last price reduction. Freely interpreted, that means, “Once you reach the price a buyer will pay, offers start to arrive.”
Price is the most important factor in the real estate equation.
If you say,
“I have to have…(put your number in here)...
“I’m willing to wait…”
“My house is worth more than the comps…” (It may be, but will the buyer pay the extra?)
“I need this for my retirement…”
And a host of other things, you’re going against the most powerful force in the real estate universe:
The Market. What decides pricing is the market in your area, and if your home has had no offers, reduce the price until you start to get offers.
It’s pretty common, if the price is right, to get multiple offers--that’s right, more than one person will want to buy your house if the price is right.
If you get NO offers, the price is wrong. Always. It’s never anything else, unless you’ve had a meth lab in the house, or unless it’s infested with giant spiders that can eat buyers in one gulp.
How to set pricing for the property you’re trying to sell:
1.Get with your Mitchel agent and study the comparables together.
2.Set an initial price that is in line with the market.
3.If the property does not sell, begin staged reductions, that occur every so often (I’ve used daily, weekly, monthly--all work, if used correctly).
4.DON’T fight with your agent about this. They are on your side. Remember, they don’t get paid until that house sells.
5.IF your house (property) doesn’t sell, accept the responsibility. Don’t blame the agent. YOU were the one who fought the market. We’ve had some ex-clients who refused to reduce their prices, only to find the property did not sell--and then they list with another broker at the right price (often much lower). Guess what!!?? The property sells. Why? Because the new agent wouldn’t list the property for the price you forced the first agent to use. Don’t do that. You waste your time, your effort, and the agent’s expertise and time.
SELL your house. Don’t just list it. Work with your Mitchel agent. He is experienced. A “Doctor of Real Estate,” if you will.