In this article I’m going to answer the question, “How do you know when it’s time to lower the asking price of your home?” This is important information for you if you are selling your home in Kitchener-Waterloo or if you have it for sale and it’s not selling. If you are looking to buy your dream home and currently own a house, you can benefit from my 21 years of real estate expertise in answering this crucial question.
First off, what I’m about to share with you only applies if all of the marketing has been done correctly. This includes but is not limited to high quality professional photos that showcase your home in the best light possible accompanied by a well-crafted description in order to draw attention to your online listing. Keep in mind as well, a comprehensive marketing strategy can only be executed by an agent or team who has the budget to attract attention to your home. Having said that – let’s consider the following 2 scenarios with homes in Kitchener-Waterloo that are not selling.
SCENARIO 1. A home listed for sale in Kitchener-Waterloo has very few showings and no offers. The cause of this inactivity is the home’s list price is 8-10% too high.
SCENARIO 2. A home listed for sale in Kitchener-Waterloo has lots of showings, no offers. Asking price is 3-5% too high. As soon as we make an adjustment in that price we have an offer within the next 2 weeks.
The rule of thumb in Real Estate is, all things being equal as I mentioned before, if you’re not getting offers within 2 weeks of listing your home, the price is too high. Your home is only “hot” on the market for the first 4 weeks. The bloom starts to come off the rose after this point. If offers are not being stimulated within 4 weeks and your agent has done everything else properly, you have a pricing issue. Period.
Watch my complete response to the issue of knowing when to lower the asking price of your home by clicking the video below:
Find out how I’ve helped more than 2,000 families buy and sell homes in Kitchener-Waterloo by downloading my free eBook here: http://bit.ly/MMSellers. Also for more great real estate videos you won’t find anywhere else, subscribe to my YouTube channel. I love to share my expert knowledge so if you have any real estate questions feel free to call me at 310-SOLD or email me at firstname.lastname@example.org.