Your price is too high
Your home has been for sale for a few months and you’ve had several showings. After the initial excitement wears off, you start to become worried that your home might not sell.
So, you reach out to your agent to get the details.
After talking with several of the showing agents and reviewing the feedback, your agent tells you exactly what you don’t want to hear.
Your price is too high.
This is the oldest objection in the world and one that drives people crazy.
I can’t blame you for feeling the way you do.
You’ve put your heart and your soul into getting your home ready for sale based on a certain expectations.
You have been let down and feel like this should have known this from the beginning.
So, what should you do?
First, take a look at how your home is being marketed and ask yourself these questions. How do the pictures look compared to others in the neighborhood? How is the story of my home being told? Is it presented in the best light possible? Are the ads getting in front of the right people?
If your marketing is lacking, lets get that fixed before you decide to change your price.
Second, let’s take a deep dive into the recent sales, listings and pending homes in your area. Unless there is something unusual, you should be looking in your neighborhood and up to a mile from your home. You may want to visit some of the current listings to compare.
If your study shows that your price is competitive, then you need to investigate further.
Last, I would dig deeper with questions for the showing agents and their clients. Especially those agents who frequently work in your neighborhood.
The price is too high can be a smokescreen for the real problem. When you talk with those agents, try to set price aside so you can get to the root of the problem.
You might find out that clients were turned off by something that can be fixed, like new flooring or paint. If this is the case, then you have another option besides lowering the price.
Until these questions are answered, I would not recommend lowering the price.
If you are thinking about selling your home, what is your single, biggest concern?
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