One of the questions that come up during the listing process is whether or not to reduce your list price, and if so, when. In this blog, I go through the things you should consider before adjusting your list price.
When it comes to selling your house, the main factors are location and style of property, condition, marketing, presentation, and price. Let’s go through these items below. As with anything, some of these are within your control while others are not.
Location and Style of Property
You cannot change the location of your house and although you could technically change the style or type of home, you certainly wouldn’t be doing it while trying to sell the property. These items are uncontrollable factors and will set the parameters your realtor® will use for listing price and marketing strategy.
Condition
The condition of your property is impacted by both small things such as minor repairs as well as large things such as needing roof shingles changed. The condition is something you can discuss with your realtor to identify items that may be worth changing; your realtor® with their experience can advise you on what changes may be worthwhile when considering factors such as return on cost, timing and relevance to buyers.
Marketing
Coming up with a good marketing strategy is something you can expect from your realtor. Realtors will market your house to buyers who would most likely be a fit for your property. Although marketing strategy can be changed, it is for the most part out of your hands and is why it is important to find a realtor® who you can trust and develop a good working relationship with.
Presentation
You can often change the presentation of your house in subtle ways through staging, lighting, and even turning on the heat. This is an area that is often overlooked and might be one of the most important factors when it comes to selling a home. When a buyer walks into your house or sees your photos online they will have an emotional reaction to it, whether or not they know it. Making an impact with the feel of your house is something a great realtor® can help advise on.
Price
When you have taken care of the items in your control, i.e. the condition, marketing and presentation, the only remaining variable is price. If you find yourself in a situation where everything else is optimized and the property is not selling in a timely manner for the market, then it is time to adjust the price.
Hope that helps! As always, if you have any questions or if you are thinking of selling, get in touch and we can have a no-obligation chat. I can guide you through the details of these steps and more based on your specific needs.
Kyla Miranda Realtor ®
Keller Williams Platinum Realty
709-325-5152