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Should I Lower the Price on My House if I am Having Trouble Selling?

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By : marco benavides    99 or more times read
One of the toughest choices that a seller is going to have to make is deciding if he/she should lower the price on a home if he/she is having trouble selling it. It is not easy task to come up with a price when you are selling, it is that much more difficult to come down from your price if you house is sitting on the listings with no movement.

When a home sits in the listings, it is perceived by buyers as an undesirable property, and this is the opposite effect than what you are actually trying to accomplish. In real estate, buyers’ perception is absolutely important, and you definitely do not want your home to create a negative perception.

Lowering your price can also be perceived by buyers as a sign of weakness, and it can also be seen as the seller being in no position to negotiate. The effect of the perception is that you will actually be place in a weak position, and buyers will want and expect further reductions, even if you are in no position to lower your price any further.

If you are currently in a position where you have to lower your asking price, you need to take a look at other comparable homes in your area, and you need to see not only what they are selling for, you also need to look at what they have sold for during the past three to six months. This is going to give you a good picture of what your asking price with regards to what the market conditions in your particular area.

If the real estate market in your area has remained soft or in a downward trend, you are doing yourself a disservice by over-pricing your home. People will be able to buy much more home for the price you are asking in those market conditions.

This is why you really need to stay on top of that is going on in the market, and you should be able to adjust with the trends. There is nothing worse than having your home languish in the listing, with no traffic, and no prospects for a sale. If this is your particular case, it may very well be that you have no other option than to lower your asking price.

Everything is not negative, and you may even start a bidding war by pricing your home accurately, which may bring you much closer to your original asking price. The right price on the right home in the right area may cause really good things to happen for you, and that is what you would want if you were to lower your price.

Rather than placing yourself in such a disadvantageous situation in the first place, you need to price your home competitively if it has not yet been listed. You really need to consider what the market is doing and just how quickly you might want to sell your house. On the other hand, if you are not in a real hurry to sell your home, you could opt to ride things out until market conditions are much better.
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