So you’re on the market. You sweated the details and determined a listing price. You freed your home of clutter, painted, made some repairs and make the beds every morning, yet no one is coming to look. This is a sign of rejection by the marketplace. There could be condition or location issues that are causing this. It could be that you have just priced your home too high in relation to what similar homes are selling for. Regardless of the cause, no or few showings are a sign to lower the price. Adjusting your price to reflect the market, its condition and location is vital to getting showings.
Without lowering the price, the lack of activity is bound to linger. You’ve probably heard the saying, “keep doing more of what you’re doing and get more of what you got.” Keeping the price higher than it should be will continue resulting in little to no activity. What you need to do is make adjustments. Sometimes a slight adjustment is all that’s needed. Other times, a larger reduction is necessary. Ask your real estate agent for their guidance. They know the market and can make recommendations. When you reach the right price activity will pick up.
Let’s say you lowered the price and activity improved, maybe dramatically, but you are not getting an offer. Again, this is a sign to make an adjustment. You are still being rejected by the marketplace, but are getting closer. It may be that one last price change is all that’s needed. Again, ask your agent for their opinion. They are experts at reading the “tea leaves” and will help you choose what’s best.
When you hit the right price you will get an offer, maybe multiple offers. Getting more than one offer can lead to an auction like environment where each buyer tries to outbid the other. When you are getting showings but no offers and are considering another price reduction don’t be concerned about pricing too low. The marketplace will respond favorably with unusually high showing activity. A strong, maybe over the asking price, offer will be right around the corner.
It is always best to price correctly in the first place, but if you are being rejected by the marketplace connect with your real estate agent and get some help. You will be glad that you did.