Top Reasons to Lower the Price of Homes for Sale in Portsmouth VA
If you have listed homes for sale in Portsmouth VA, you’d be looking for the best prices. But there are a few situations when you will probably have to reduce the asking price of homes for sale in Portsmouth VA.
House been on the market for several weeks and you still haven’t received an offer?
You should check whether your asking price is too high. Check out what comparable homes for sale in Portsmouth VA are going for. Overpriced homes will have a tough time getting an offer. Here are the signs that you should lower your price.
You are not getting many lookers
Your property draws the most interest in the days immediately after you listed it. If your agent reports that very few buyers inquired about your home and that comparable homes in the locality have had more lookers, it is a sign that your property is overpriced. The same buyers who overlook the property right now may show interest when you drop the price.
You are getting a lot of visitors, but they don’t make an offer
If your home gets lots of lookers and no offer, something is clearly off. Ask your agent what other agents are saying about your home. A ridiculously high price tag could be the reason that discourages visitors from making a good offer.
Your property has been languishing on the market for several months
Find out how long it takes for a home to get sold in your locality. If the answer is 4 weeks and you are pushing 7 weeks, maybe you have to reduce the asking price. If a home remains on the market for a long time, buyers will suspect that something is wrong with it. This will further delay a sale. At least reduce your price to improve your chances of getting an offer.
You want to sell before a deadline
If you are listing your homes for sale in Portsmouth VA because you have been transferred to another city, you will want to complete the sale as quickly as possible. In such a case, dropping the price might be necessary to increase buyer interest in your property.
You can’t upgrade the home
If you are on a tight budget, you will probably not be able to get a kitchen remodel or brand new light fixtures or carpeting. If you are listing the home as it is, ask your agent if buyers are happy with its condition. If they complain that your home doesn’t look as great as comparable homes on the market, reducing your price is the easiest way to lure them. Buyers want to pay less for homes that look less attractive than comparably priced homes.
Competition has increased
If you don’t get an offer for several weeks, check out your competition. Maybe there are new homes on the market. If those homes for sale in Portsmouth VA have lower asking prices, you will have to slash your price too.
A sale occurs only when the buyer is ready to pay what you are asking for. If the buyers are showing less interest, reducing your asking price may be the only viable solution.