Reasons Why Twin Cities Home Sellers Ultimately Choose a Price Reduction
The Twin Cities real estate market is red hot right now and with inventory still down, there’s no denying it’s a sellers’ market. But with home buyers still out in full force, especially among young and first-time home buyers, that doesn’t automatically mean it won’t be a challenge selling your home or condo. Of course the obvious goal when selling your Twin Cities home is to always get the most amount of money possible. But if your home has been sitting on the market for too long and you still need to move in a hurry, there’s nothing wrong with exploring the possibility of a price change.
If you’re a home seller and are unsure what direction to take when it comes to your home sitting stagnant on the market, here’s a quick glance at why some home sellers ultimately decide on a price reduction:
Lack of showings
If your home is priced at market value and you know home buyers are out in full force, logic should tell you that at the very least, people should be looking at your home. But if there’s one thing that turns potential buyers off right from the beginning, it’s a home that’s overpriced.
Lots of showings; lack of offers
To the contrary, if your home is generating a lot of lookers but nobody seems to be making an offer, chances are it’s because you’re overpriced. Despite the buzz, an overly high-priced home tends to even get few because buyers may not want to insult the home owners, or perhaps you’ve simply priced a lot of would-be buyers out when other comparable options are available on the market.
It's been on the market too long
If you’re home has been on the market for longer than many comparable homes, buyers often view it as a red flag. Simply put, if your home has been on the market much longer than the average number of days homes sell in your area, it might be time for a price change.