Part Three of a Four Part Series

Here are two more reasons why you may need to reduce your price.

3) Time is Running Out –

Chapel Crossing Home in The Glen

Chapel Crossing Home in The Glen

Market time in The Glen in Glenview is generally less than homes outside The Glen. But, frankly not every seller has the time to wait around for their home to sell.

There are plenty of situations where selling as soon as possible is the best solution. If you find yourself with this opportunity, you may have to lower the price of your home to get it sold. This could happen if you have to move suddenly for work or family, are going through a divorce or perhaps because you found exactly the new home you want and cannot afford to pay two mortgages.

It may be worth it to lower your price just to keep your life in order at this point. 

4) Is Your Home Just Sitting – 

As stated prior in part two, most homes listed for sale see an initial surge of interest from buyers. Your home may or may not have followed this pattern. However, if the house is just sitting on the market for a month, two months or more – you really do have a problem.

The best way to gauge if your situation is normal is to look at comparable houses in your market at the moment. How long did they take to sell? If you are already 50% or more beyond that time frame, you may need to lower the price just to get it sold.

One thing to keep in mind is that the “days on the market” for your home does becomes critical. The longer a home lingers on the market, the more likely you will end up getting low ball offers from a buyer. One of the questions that almost every buyer asks their real estate agent is: “How long has the home been on the market.”

Buyers ask this question for a number of reasons. First if the home has been on the market for a very long time and nobody has come along and bought it, they may think nobody wants it because it is a lemon.

Questions will start to crop up in their mind like: “Is the seller concealing an issue?”

In addition buyers may feel there will be more room for negotiating if the home has been languishing on the market. A seller is always in the driver’s seat when their home is listed for sale. But at some point in time the pendulum swings to the buyer’s favor. Keep this in mind and adjust your price before that ever happens.

Stay tuned for the final part in this series.

Start with 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 barrynewman@atproperties.com.

For more information about neighborhoods in The Glen, please visit our pageThe Glen.

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