You just listed a new property and when should you lower the price of a real estate listing?

This blog post drills down into how the local Maine real estate market works, how best to make any price adjustments. Like most things in life, timing is everything. You miss opportunities when slow to react to a changing local Maine real estate market.

If you want to sell your home, piece of land, business, anything. The faster and more money you can make doing the real estate sale all the better right?

Proper, realistic home pricing is the key from the get go in any Maine real estate listing.

That list price number is not pulled out of the air, not decided on by your hairdresser or barber or second cousin far far away out of state.

Your house price reflects what places like it have actually sold for in the last six months to a year. In this local real estate market, not halfway across the country.

The what’s my home worth today number, the value at this day in history considers what housing inventory listings are priced at? How big a supply of “just like yours” are competing for real estate buyers.

There are two main reasons a property, say a home does not sell.

The wrong price, lack of marketing. Other contingencies of a sale can stall the process but the price, a renter does not want the place shown or to have to move, etc. But the marketing and proper pricing are key to getting to a successful Maine real estate closing.

If it has been a couple weeks since the silent salesmen yard sign was speared in the front lawn.

And if the marketing is far reaching and stellar but you have no showings. The market is signaling you that your house price is higher than perceived value. As a real estate broker in Maine, is the property priced at the right price point.

The surgery of lowering a real estate listing price should be strategic not emotional. Timing matters but so does positioning. Your price point should be at the higher end of a lower price bracket, not the other way around.

Your real estate buyer, you too filter the online search for everything.

If your prospective home buyer is bank qualified for a house under $200,000. Then your house priced at $199,500 instead of $202,900 is going to get an awful lot more eyeballs scanning the images, digesting the property description.

When else to know you are a point for a home price reduction?

Lots of showings, no offers. You could be close to the sweet point for pricing in the ever changing local real estate market. But the just high enough price is preventing anyone making an offer.

You also need to over come the urge to keep the list priced the same.

Fearing just as soon as you lower it a dime, a buyer who would have paid full price appears on the house buying scene.

I see this real estate paralysis happen a lot.

A house buyer comes along and makes a low ball offer. And then the home owner gets serious and contemplates dropping the price $40,000 right off the bat. Pendulum swing from one extreme too high to now too low.

Easy easy and while considering this brave buyer’s offer, think about making a real estate list price adjustment too at the same time.

Tell the World your home list price just became more attractive.

Lowered to a new real estate price bracket to open up the supply of available home buyers. If similar homes in your market area are selling for less. When the real estate market is cooling, adjust accordingly.

Poor timing is like playing too fast or too slow in a band.

Your real estate agent or broker knows the timing of the local market beat and will guide you. Like grocery items, as they age, a price drop is warranted.

Winter coming can be used as an excuse to drop a price. Some real estate agents ready to settle in for a slower paced snow season can make it sound like no one buys a home in winter. Discouraging you from listing during a holiday because they don’t want to work the holiday.

When the reality if when people are off, they are hovering around the desktop computer or phone screen checking out what is for sale.

There are fewer available housing units over the Maine winter to buy, If a buyer needs to relocate for a new job, can’t find a rent, there’s going to be a real estate closing. Your house or someone else will hand them the keys and get to move on.

Local factors like a mill closing, interest rates going up can suddenly cause a price reduction to need to happen.

To open up the supply flow to available buyers qualified and ready, willing and able to consider your home listing.

Real estate videos help open house on demand showings far and wide. If your property is not marketed with full motion video and natural sound, then setting up the one by one showing time suck happens.

Poor marketing means lowering the price is your only resort. Limited options happen when there are a handful of images shot with a cell phone with a dirty lens to entice buyers out in the real estate audience to pick me, please pick me.

Price drop, how much to make and how often?

Each case is different because the variables in the market and a person’s life constantly change. Staying ahead of the curve is key. If your Maine real estate agent or broker indicates a lot more houses like yours priced the same came on the market this week, let’s do some shaving.

How best to know how much? I ask the seller if someone offered your $10,000 less for your family estate home that’s being heated, insured and maintained while empty, what would you say? If they tell me don’t let them get away, there’s your answer.

Let’s make a $5000, significant price drop to sell the place and stop the cash bleeding month after month.

You don’t want the house to get ten-foot pole marks, to grow real estate mold by sitting around the local market. While other homes get listed, sold, on and off the market.

Why does my house not sell, the Maine home just sit there while others come and go? Lower the price of the real estate.

There is no doubt about it. Everything can be overlooked for obstacles if the price is right. Adjust the price more something more attractive makes whatever is missing or not so rosy not matter as much.

There is nothing sadder or depressing than a home owner pricing their house sky high and an agent taking the real estate listing.

Giving the impression the property listing will sell for that high. And then one after another real estate agent takes a turn wasting time and marketing on an over priced listing with no hope of negotiating the price lower.

When should you lower the price of a real estate listing? You don’t have to if priced in line with the current local market. Don’t leave money on the table but realize time is money if your life is on hold.

Price your home, whatever property to sell if marketed aggressively. Your best plan of attack to find your buyer, to get to the Maine real estate closing quickly.

I’m Maine REALTOR Andrew Mooers, ME Broker

207.532.6573  |  info@mooersrealty.com   | 

MOOERS REALTY 69 North ST Houlton Maine 04730