Don't Drop Your Home's Listing Price Until You've Taken the Following Steps

No one wants to reach the point where they turn to their listing agent and ask, “Should we drop the listing price on our house?” Most North Carolina real estate professionals will tell you that adjusting the price is always a last resort. So what should you do when your home has been sitting on the market without any interest or offers from buyers? Before you drop your home’s listing price, take the following steps:

Price it Right from the Start

Sellers who want to avoid this worst case scenario altogether must set an ideal price for their North Carolina home from the outset. Red Door Company does this by utilizing our “Right Price” strategy, which takes into account your home selling goals, pricing expectations and local market data to set a competitive price that is in line with the current market and price trends. When interviewing listing agents, make sure to discuss how they plan to determine your home’s fair market value and set the listing price.

Condition of the Home

If your asking price was reasonable and your home is still not receiving buyer interest, then you may want to take a hard look at the condition of your home. Most home buyers want to buy a house in near-perfect condition, and that often requires sellers to pay out of pocket to upgrade the conditions.

In most cases, you can improve the condition of your home on a small budget. Adding a fresh coat of paint, replacing old hardware and fixtures in the kitchen and bathroom, updating your landscaping, installing new light fixtures, cleaning your carpet and furniture are all low-budget fixes that will increase your home’s value in the eyes of buyers.

In the long run, it will pay to upgrade your home’s condition instead of discounting the price to compensate for needed repairs.

Consider Staging Your Home

Let’s consider a scenario where you set the right asking price and made necessary repairs and improvements before listing your North Carolina home for sale, but you still aren’t drawing the interest you expected. What should you do if your home is sitting stagnant on the local market? Before you drop the listing price, consider hiring someone to stage your home.

Home staging creates a lasting first impression with buyers that helps them visualize themselves living in your home. Staging a home will also contribute to turning some of the negatives of your house (oddly shaped rooms, smaller bedrooms, etc.) into positives. According to research by the International Association of Home Staging Professionals, “95% of staged homes sell in an average of 11 days or less and sell for 17% above the asking price compared to those not staged that sit on the market for an average of 90 days.”

Adjust Your Marketing Strategy

If all of the actions mentioned above have been taken, it may be time for your listing agent to adjust the marketing strategy being used to introduce your home to buyers. Your real estate agent’s marketing strategy should not only attract a wide range of buyers but also attract the right kind of buyers.

Effective listing agents use proven marketing strategies and innovative online tools to maximize exposure and reach the right audience of ready-to-purchase buyers looking for a home exactly like yours. This comprehensive approach will help you sell your home in North Carolina quickly and for the right price. With the right tools and strategy, you can completely avoid the dilemma of deciding whether or not to drop your listing price.

Changing Market Conditions

After all is said and done, there may still be a scenario where you must adjust the asking price of your home. Local market conditions may dictate that you lower your price to be competitive with the current market and price trends. When this happens, your listing agent should, once again, perform local market analysis to help determine how much of a pricing adjustment you should make before you drop your home’s listing price.

Remember, the best way to avoid a scenario where you must consider lowering your asking price is to price your home right from the start. Want to learn how our team will help sell your home in Raleigh, Durham and Chapel Hill quickly and at the best price? Contact us today and let’s talk about listing your home for sale in North Carolina.