Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I wouldn't get too aggressive about dropping the price for a quick sale. I think that signals desperation and people just think there is either something wrong with it or you are going to take a lowball offer. My friend did that. She was trying to get a relo buyout and they dropped the price several times very early on and it really hurt the comps. It was definitely a low sale in relation to the neighborhood. But people picked up on the desperation. She got her payout because she made the deadline but the neighborhood was hurt by it.
I get all the people saying "don't drop the price that quick" but it was with our realtors suggestion, based on the area we're in (plus I think we listed a bit high anyways).
Furthermore, we immediately had two showings scheduled after dropping the price just a tad (5k) so it seems to be working in our favor... for the time being.
This is something I'm a bit concerned about, and I'm interesting in hearing others' experiences.
For some context, we're in the midst of selling our home in the Chicago area after only living here for a little over two years.
Our house is pretty updated (white trim, newly painted in most rooms) and in good shape overall. Our realtor was pretty confident we would be able to sell it without too much trouble for a decent profit, given it's current shape, the work we've done and the current state of the market (low inventory, etc.).
It's coming up on two weeks now and we've only had 2 showings, which I feel is a bit lower than anticipated. We dropped the price a little (just today) and though I'm not concerned right now, I'm worried that if we have to drop the price significantly (and then have offers under asking, which wouldn't be uncommon) we might end up owing more at closing than we have the means to pay. This is sort of the 'worst case scenario' running through my head.
Wondering if others have been in similar scenarios and/or what they did.
Yep, we did. Writing a $20K+ check at closing wasn't fun. We decided it was worth it to us at the time, however.
I get all the people saying "don't drop the price that quick" but it was with our realtors suggestion, based on the area we're in (plus I think we listed a bit high anyways).
Furthermore, we immediately had two showings scheduled after dropping the price just a tad (5k) so it seems to be working in our favor... for the time being.
Of course it was.
I would of waited at least two months before I just dropped the price.
He could of easily said the owner is open to negotiations to other agents. I wouldn’t of dropped the price. It’s nothing. For them to say drop 5k. It’s $300 to their commission but it’s 5k from yiur pocket.
I would of rather say willing to help with closing costs than dropping 5k
I would of waited at least two months before I just dropped the price.
He could of easily said the owner is open to negotiations to other agents. I wouldn’t of dropped the price. It’s nothing. For them to say drop 5k. It’s $300 to their commission but it’s 5k from yiur pocket.
I would of rather say willing to help with closing costs than dropping 5k
Waiting 2 months to drop your price when you are getting no activity is not intelligent. It will lead to a lower final price. Homes on the market for 60 days start to get low offers. Buyers reason: "It can't be worth what they're asking, nobody has paid it!" And they are correct. If no one comes to look in 10 days, it is time to drop the price 5-10%. Now. Not later. Later is too late. Almost all of the interest in a new listing takes place in the first 30 days. After that it's just dribs and drabs as new buyers trickle into the market. The existing buyers have already concluded that the home is not worth the asking price.
You want 10-20 showings in the first 10 days. If it doesn't happen, take immediate action. Lower the price closer to the real value as evidenced by similar CLOSED sales (not listings).
There is NO EXCUSE to be sitting on the market in northern NJ right now. The market is white hot. If you are not getting looks and offers you are most likely dramatically overpriced.
There is NO EXCUSE to be sitting on the market in northern NJ right now. The market is white hot. If you are not getting looks and offers you are most likely dramatically overpriced.
It’s a universal rule. If no one is looking, your price is probably a big part of the reason. Homes that are a good value sell quickly in all markets. Even Chicago.
So hows the market in Elgin? A good, decent market?
Means your price is too high. Or a dead market means no one is looking.
Our markets pretty hot. Is the flow of people into or out of the area?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
