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Here is my question. My house has been on the market for about a month now and we have had only one person look at the house. When we put it on the market we listed it for 89,000. It is a three bedroom 2 bath house with about 1100 sq ft in the Gulfport, MS area. It is what I would consider a starter home. It needs a little cosmetic work. The house is about 14 years old and has not really been updated. We are thinking about reducing the price but I don't know how much we should reduce it to. We are priced in the same range as comps in our area. Do you normally reduce houses in $5,000 increments or do you sometimes do less than that? It is priced at or a little below appraisal value.
This market is all about price, that is what folks are looking for. If a few cosmetics, not much of a problem. Some people actually want to remodel or redecorate; but most want the bargain right now.
It is a fact that, if the house is priced to sell and the price stays the same over the entire marketing time, your days on the market will actually be less, and you have a better chance of getting the highest price. The best buyers and best offers come at the beginning of your listing period. The above is historically true in any market, especially this one.
Drop the price as far as you can, and keep it there. Don't play around with the price increments etc.
Homes that have prices drop in "pieces" will stay on the market twice as long and any offer that comes in will be lowball. Consumers can look on any internet site (Zillow, Trulia etc.) and get information on prices, and ... on Zillow, read the fine print at the bottom of their website. Disclaimers galore.
Your Realtor is the only reliable source for pricing history and pricing expertise. Let us know how you make out !
Few showings generally indicate that the home is priced too high. Rather than chase the market down, if it is still going down in your area, work with your agent to set an aggressive price that makes you a better buy than your competition. As for the comps that you are priced in lie with, are those recently sold or currently listed?
They are currently listed, however there was a house similar to mine that was in forclosure that sold for 85,000. I finally got a email from my realtor and she suggested to lower it by $5,000. We are going along with that price and adding a few more pictures to the listing. We also bought a home warranty to see if that appeals to more buyers seeing that the house is 14 yrs old. Hopefully this will bring us more lookers and eventually an offer.
Just a thought, but lowering the price by another $400 or so, which is about the cost of the home warranty, would mean more to a buyer. Ask your agent, but warranties are not that popular anymore.
Just a thought, but lowering the price by another $400 or so, which is about the cost of the home warranty, would mean more to a buyer. Ask your agent, but warranties are not that popular anymore.
I agree home warranties are important and almost a given when buying a home. I would drop 5K, maybe even 10 and see where is goes. Only one looking in a month shows your overpriced by quite a bit.
Hopefully you got a home warranty that also covers you until the home is sold. They don't cost that much more and are definitely handy when something goes wrong before the sale.
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