Is it Time to Lower The Price of Your Home?

Lowering the price of your home after you have spent time enhancing curbside appeal, posting immaculate pictures, and doing everything you can to sell your home might not be something you want to agree upon. However, there might come a time when you need to reduce the price of your home, especially when the real estate market is slow.

Here are the signs that tell you it is time to lower the price of your home:

Your real estate agent is making the suggestion

When Vancouver real estate agents start talking about lowering the price of your home, take it as honest advice. The agent is not working against you—they were merely trying to help you sell your home in a market where demand might not be that high. Always consult with your realtor about the pricing of your home to avoid over-inflating the market value.

Cannot make improvements on home

A lot of homeowners end up selling their homes because they have improvements they cannot afford to update, like dated HVAC systems, obsolete appliances, old wallpaper, and the bathroom. If you can’t afford to make improvements, you shouldn’t be asking for a price that would insinuate you are offering a turn-key home. This means you should lower the price.

You’re motivated to sell your home

Many owners want to sell their home, but they also have the time and flexibility to wait months or years for that to happen. In this event, these are not “motivated sellers.” In the event that you are indeed motivated to sell as soon as possible, but you aren’t getting the amount of offerings you would like or no one is coming to see the house, it is time to reduce the price.

This also applies when you are running out of time. Reduce now, not later, so you can keep your life in order.

Not many showings

If your home has been on the market for a while but there have been few to zero showings, this shows you have a problem, especially when there are new listings on the market that are disappearing faster than yours. The first few weeks a home is listed should be busy—so if this surge of visitors never happened, it’s a sign you have priced the home too high.

Attention but no offers

One sign that says it is time to lower the price of your property is when your home is generating a lot of interest and getting frequent visits but no one is putting in an offer. Although your property might be appealing, something is keeping people away—and that is usually the price.

In short, you should never overprice your home. Think about selling your property as a business transaction rather than giving something up that you have emotional attachments to. Furthermore, it is always smart to speak with top Vancouver realtors to get the best information about the Vancouver real estate market.

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For more Vancouver real estate tips, call Paul Eviston (604-737-8865) or his team of Vancouver real estate agents at Remax Select Properties Vancouver. We specialize in Downtown Vancouver, East Vancouver and Westside Vancouver real estate.  

Learn more at www.pauleviston.com/blog.html