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When Should You Lower Down Your Home Price?

Things can happen and you suddenly find yourself in a situation where you have to sell your house. But what if your home’s not selling? There can be several factors why this can happen. One of the clear factor is your house’s price. But when do you think should you reduce your home price?

  1. You’re attracting a few possible home buyers.

Coordinating with a real estate agent can make it much easier same with some states like Texas. But if you receive a report that only a few buyers asked to tour your home may mean that your asking price is too high. Most onlookers are probably waiting for the price to fall before asking for a tour.

  1. You’re not receiving any offers even if you’re drawing a lot of buyers.

Something may be a bit off. You can ask your agent for other people’s feedback about your home. Not getting any offer from the buyers that you’ve talked with may be because your asking price is too high.

  1. Your house may have been on the market longer than the other homes.

Buyers may start to think that there’s something wrong with your house that’s why it’s been on the market for too long. This will affect your sale and delay it even longer. You can ask your broker about the average number of days before a house is sold. Asking to let it stay for more than the average no. of days on the market even longer can delay a sale.

  1. You’ve set a deadline.

It may be time to drop your price if you really need to sell the house because of a great job offer or if you’ve already purchased another house. Put yourself in the buyer’s shoes and see where they’re coming from.

  1. Your house looks unmaintained.

If you don’t have the funds to put fresh paint on the walls or clean the carpet, then you might want to be a little realistic. Houses that don’t look well- maintained may leave your potential buyer a bit disappointed. If there are other houses that have been on the market in better condition, the buyers would most likely choose the other instead.

  1. New listings have come up.

Once new listings have been added means that the competition has changed. You might want to check out the list that’s on the market and see if the houses similar to yours have already been sold. If the new listings show your price is a bit too high, you might want to consider reducing your house’s price.

 Your asking price should be reasonably low enough to get your buyer’s attention. But you also have to ensure that you’re not just giving it away. Compare your house’s price to everyone else to get an idea of how low the price adjustment needs to be. Always get an advice from brokers located in cities like Fort Worth for more information.

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USDA Home Mortgages

Primary Residential Mortgage, Inc.
10121 N Rodney Parham, Suites C & D
Little Rock, AR 72227
855-474-7169
501-225-5626
NMLS # 3094
Branch NMLS # 252910
Licensed by Arkansas Securities Department 11558
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Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.

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