Should I Lower the Price of my Home?

In this tough housing market it is not uncommon for frustration to set in rather quickly. If you are desperately trying to sell your property and have little or no luck, you may begin to question many of the decisions you and your real estate agent have made.

One of the issues in particular that many sellers begin to question is the price of their home. Is it attracting buyers or scaring them away? Is it on target with some of the other properties in the area? Does it reflect my desire to sell?

So, when do you know that it’s time to lower the price of your home?

Although there are no steadfast rules regarding pricing your Irving home, let alone lowering the price of your home, you can make a sound judgment by reviewing a set of factors and asking yourself some basic questions:

  • How long has my home been on the market? What is the average number of days on the market for homes in my neighborhood? It may be quite frustrating to have your home on the market for 60 days without an offer, but it may be quite common for homes in your area to sit on the market for 60 days. You real estate agent can help answer this question for you so that you can determine whether your home’s time on the market is common or out of the ordinary.
  • What have potential buyers said about my home? Buyer feedback is very important and can provide you with a wealth of information regarding the price of your home. If buyers are reporting that they feel your home is overpriced, then it may be time to consider a different pricing strategy.
  • Am I pricing my home according to the market, or according to what I want to make? Answering this question honestly can often reveal whether you have chosen the price of your home for the right or wrong reasons. Although we all may have an idea of what we would like to sell our home for, the reality is that we must price our home according to the market conditions, not according to our pocketbook.
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