Dropping the selling price for your home might be unavoidable. This is particularly true if you’ve had your house on the market for a long period. Oftentimes, a real estate agent will recommend this technique if he/she has run out of confidence, motivation, or ideas in your selling price.
However, do you have to drop the price of your house to successfully sell it?
For a couple of properties, lowering the selling price can produce new interest from buyers. It is also a necessary step for several sellers, especially if they’ve got to move immediately.
Today, we’re going to share with you some dos and don’ts of dropping your home selling price. If you need help, don’t hesitate to hire a professional Hawaii realtor.
Don’t Give the Buyer an Excuse to Lower Your Selling Price
You’ve got to ensure you present your house properly. Ensure all rooms are attractive and polished. Else, you are leaving money on the table. Staging your house can add a lot of money to your selling price. Also, creating several minor changes can help you reap the benefits if you do get an offer.
Do Ask Your Agent Before Dropping the Price
You should ask the realtor what other things you can do to secure the sale if you think that you can’t afford to lower the price of your house. Perhaps there are other ways than dropping the selling price.
Talk with the real estate agent and look at your marketing strategy. Maybe you can improve it. A new drone shot or twilight photo might show your house in a whole new approach and produce new interest from other buyers.
Don’t Keep Making Small Drops in Price
Buyers might have suspicions about you if you lower the price of your house. They will wonder what is wrong with your house. Why do you want to lower its selling price? A buyer might not want to risk purchasing a house that appears to be falling in value.
Every drop can present a red flag to a potential buyer. Thus, make your drop impactful and big. However, it’s best to simply do it once.
Do Ask the Agent Why You’ve Got to Lower the Price
The value of your property was originally based on research by a professional in the industry. So, what happened? Why do you have to lower the selling price? Knowing whether your realtor miscalculated the market, or the demand has lowered for homes like yours, will help you make the correct choices to either lower the price or leave it be.
Don’t Drop the Selling Price by Less Than 10%
If you do this, it simply will not make any difference to the interest you will obtain. Typically, buyers look at houses 10% on either side of their budget. Thus, you will have to lower by at least that to get noticed by a new set of potential buyers.
Because of this, it is always ideal to work with a professional realtor when selling your house.