When Should I Lower the Price of My Home?

House with a large question mark, jpeg illustrationIf you have to ask, the answer is NOW!  Sellers- the local DC market remains strong. Inventory is low. If your house has been sitting for two weeks or more, lower your price. Failure to do so can result in a house that is stigmatized. Buyers see the days on market and wonder what’s wrong with your house. You could have a perfectly nice house, in great condition. Price it too high and you’ll be a disappointment to those looking to buy AND you’ll miss your target audience (assuming they can’t afford your inflated asking price).

Here’s the scary part.  By the time you do get around to lowering your price, the damage may well have been done. You’ve missed out on taking advantage of the flurry of activity that occurs when a listing is new (and priced correctly). Nope, you’ve wasted that on a crowd that won’t be buying your overpriced home. You can’t get that back.

Ironically, when a house is overpriced and manages to get an offer, often it’s the best offer that house will receive. On more than one occasion I have seen sellers turn down a reasonable offer, only to accept a lower price at a later date, after their listing has languished.

Don’t be that seller!

 

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