The real estate market is constantly fluctuating, so pricing is not an exact science. Rather, it’s a reasonable figure derived from a number of different components, such as market condition, competition, home condition, etc.
No Offers! Why?
According to the National Association of Realtors, 47% of recent sellers reported reducing the asking price at least once.
- Price Right – You will receive offers!
- Showings & No Offers – If you are getting showings but no one is writing an offer, it generally means that you are in the range of 4-6% above market price.
- Low Showings – If your number of showings is low and you’re experiencing a lot of drive-bys but the buyers don’t come in to see the home, then your home is 6-12% overpriced.
- Drive By Only – If no showings are happening at all, then the house is likely priced 12% or more above the market price.
If you reduce too much, it looks like you are desperate. If you reduce too little it may have little impact. You may need to prepare an updated pricing analysis. If a home has recently sold near you, it can impact the value of your home.
Remember, your agent should be your trusted resource.