Part Two of a Four Part Series
Here are two reasons why you may need to reduce your price.
1) There Are Few Interested Parties for Homes In The Glen –
You hope that price is the main factor when no one is, or very few people are, visiting your home for sale in The Glen. Those first few weeks when your home is on the market is when there generally is the greatest interest. Realize if you or your Realtor are not hearing from interested parties pretty quickly after the house goes up, price might indeed might be your problem.
The Glen is a Destination for Most Buyers
Typically homes in The Glen are sold fast so buyers don’t lose out. If you’re not seeing this initial surge in traffic you may have priced your home too high. All those potential buyers could simply be waiting out there until your asking price becomes more reasonable.
The reason why the first few weeks that your home goes on the market will almost always be the busiest time is rather straightforward. Simply put, all the buyers in the market have seen the other homes available already. When a new home hits the market Realtors will get in touch with their existing clients right away to schedule a showing.
With the advent of the Internet and all the listing syndication channels, it is also likely that buyers will see the home immediately after it is listed for sale. This creates an initial burst of activity. Right now The Glen in Glenview has a large inventory of homes over $1,250,000. This is why most Realtors will explain how imperative it is to price your home properly coming right out of the gate. When you don’t price you home correctly it can create damaging effects that are hard to overcome even if you choose to reduce at some point in the future.
2) The Market For Homes In The Glen Could Be Changing –
Selling a home can be a pretty frustrating experience at times. You have no control over the market and the market will sometimes turn against you. You may have listed your home at a reasonable price at the time, but a month later the market takes a noticeable turn for the worse.
This may mean that the reasonably priced home is unfortunately not so reasonable right now. You hope that most people want to move to The Glen in Glenview. But other homes in your area may be going for less now which makes your home appear to be expensive. There is little you can do in this situation but lower your price to become competitive.
This scenario can happen when market values as a whole are dropping. In fact this was the case for a long time in the real estate bust, from 2006 to 2012. You could price a home at X dollars, thinking it was competitively priced. Then a few months later reduce it again only to find out that values really had dropped beyond your price reduction.
Read Part 1 if you missed it.
For more information about please contact Barry Newman your friendly, experienced and knowledgeable Glenview realtor at 847.921.1666 or email at email@example.com.
For more information about neighborhoods in The Glen, please visit our page The Glen.