What happens when a home is not selling? Contrary to popular belief, 30% of homes in any given month do NOT sell in Milton, and it’s not always the bad ones. For those that don’t “make the cut”, one of the options is to adjust your price.
How much is the right amount? My answer is, “enough to make an impact”. I saw a home recently that adjusted from $311,900 to $308,900. REALLY? Do you think that’s going to jump start your marketing?
For most properties, depending on the amount of competition you have and some other signs and signals, you’re probably looking at moving down a minimum of one “ladder rung” as I call it, to expose yourself to a new set of buyers. That means a minimum of $10,000 adjustment, if you are going to do it. Otherwise, what’s the point? If you drop $5,000, that probably wasn’t enough of a difference that someone wouldn’t have given you an offer.
We believe in discussing this up front with a seller, and we come up with a plan of what happens if Plan A doesn’t work. People don’t like surprises, and there’s no guarantee anything will sell, no matter how good it looks on day one. We don’t make the market, our job is to help interpret it for a seller.
Why all this talk about price drops? Well, because the home on Martin Street slashed their price by $84,900! Wow. That’s almost 20% less than their previous asking price. That can be just the kick start needed.
Oh, and yes I have seen good things happen when prices come down. Less can be more. A few years ago, I watched as a double garage home sat around for $539,900 with no takers for nearly two months. They dropped to $519,900, had five offers and sold for $546,000. Go figure!