Is It Time to Lower Your Asking Price?

We’re in the midst of a historic seller’s market, when many homes are selling quickly and above asking price.

So, if your home has been on the market for a while and hasn’t sold, you may be scratching your head and wondering what the issue is. And, in some cases, it may be that your asking price is too high.

But how, exactly, do you know when you’ve priced your home too high—and when it’s time to bring that price down?

A recent video from realtor.com outlined scenarios where you should consider lowering your asking price, including:

• You’ve had lots of showings—but no offers. If you’ve had plenty of potential buyers come and see your property—but none have made an offer—it could be a sign that your home is priced too high. (This is particularly true in today’s market, when most homes sell quickly.)
• High volume of more affordable properties on the market. If your home is listed significantly higher than other comparable properties in your area, it could deter buyers—and you may want to consider lowering your asking price to be more in line with the going rate in your neighborhood.
• New construction in your area. If there is new construction in your area that’s priced within range and/or offering incentives to buyers, it could make it harder to generate interest for your home at a high asking price.