When a Saline home isn’t selling, I will often be asked “Should I lower the price of my Saline home?” (Original article written by Vance Shutes). Let’s look at that question today.
If you’re wondering “Should I lower the price of my Saline home?”, that means that you’re paying attention! You should be congratulated!
I recall a broker once telling me that there’s nothing about any property that the right price won’t cure. So while it’s natural to automatically answer the question today with a “Yes!,” there are other factors to consider.
The first thing to consider is the overall marketing effort being put into your home. It’s not enough these days to just see your home advertised in the papers (for example, a weekly newspaper gives you only one shot of visibility each week). Instead, you should expect that your home is marketed extensively on the internet. If your agent isn’t doing this for you, then perhaps lowering your price ISN’T a good idea.
Next, look at the photos (and videos) that your agent is using to market your home. Do those photos make your home SHINE? If you wince when you see the photos your agent took of your home, perhaps new photos should be taken BEFORE you lower your price.
Next, is your home accurately presented on the Realtor’s® multiple listing service? Ask your agent to show you a copy of your complete MLS sheet. Look it over for accuracy. After all, if an agent isn’t excited about what they see on the MLS, they’re not likely to speak highly of it to their buyer clients.
Next, is your Saline home or Saline condo getting shown to buyers by other Realtors®? If so, is the feedback you’re getting more related to the property, or to the price. If it’s the property, and it can be fixed, do that – rather than a price reduction. If the common theme of the feedback has been around the price, well, lowering the price may be the best course of action.
Finally, if you’re NOT getting any showings, well, chances are VERY good that buyers think your home is overpriced in comparison with the other properties on the market. In that case, lowering the price may again be the best course of action.
Too often, as a seller, sellers try to price their home based on how much they “need” for their next home. Buyers don’t care how much you need, they only care if your home is the best value for their needs. The buyer for your home will pay what they think your home is worth in the marketplace, as it compares with similar properties.
But take heart, and remember what that broker once told me – that there’s nothing about any property that the right price won’t cure.
I hope this has been helpful in answering your question: “Should I lower the price of my Saline home?”
If you have questions about your specific situation, or if you’re considering buying or selling any Saline real estate, you owe it to yourself to take advantage of my experience in the Saline market. I’d be happy to meet with you! Just give me a call at (734) 476-2063, or send an e-mail, “Vance (at) SalineMichiganRealEstate (dot) com”.
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See you tomorrow!
