When Should You Drop The Price On Your Knoxville Home?
In a seller’s market, you’re probably not worried about your home selling quickly.
Until of course, your home has been sitting much longer than every other house around you, and as days tick on, you’re stuck wondering when and if you should drop the price on your Knoxville home.
In this post, we’ll help take a look at the factors to consider when you consider dropping your price on your Knoxville home.
Is The Cost Worth It?
When you consider selling a home, there’s probably a good reason for it. You may have bought another home, be relocating to another city, or be moving on for other reasons. In any case, there is always a cost with holding onto a home for longer than you want to.
When it comes to considering lowering the price on your home, you should always consider what it’s currently costing you to keep the home and what you’d be losing with a price drop. For example, if you’ve bought another home and are afraid of carrying two mortgages, you may be willing to slash the price so you’re not stuck paying $1,500 in mortgage payment per month plus the cost of utilities and maintenance. You may not be willing the risk of double mortgage payments.
When considering a price drop, always consider what it’s costing you to hold on to a home as well as what you may be risking if you don’t drop the price. You may keep your home at the same price for 60 or 90 days and be forced to make a bigger price drop to finally get your home sold.
What’s Your Showing Feedback?
Showing feedback is an essential part of selling your Knoxville home. It’s your one opportunity during the selling process that you get to hear what buyers are thinking about your home.
Is it overpriced? Is the yard too small? Does it need work? Sure, some showing feedback can be outlandish. Buyers will tell you things that you really can’t help with your home. But, oftentimes, you’ll get a good clue as to how buyers are feeling.
You must also consider what the buyer isn’t telling you. If you’re not getting a lot of showings or you haven’t received any offers, buyers are also telling you something about the home. While there may be certain things that you can’t change about your home, you can change the price to make your home more appealing.
What Are The Homes Around You Doing?
Finally, take a look at what other homes around you are doing. There are some price ranges and areas that just naturally move faster. Sit down with your realtor to see how quickly things are moving in your price range.
If things are moving in a matter of days and your home has been there much longer, it may be time to consider a price reduction. There may be certain things that are making it tough for your home to sell and the price is the one easy factor that you can change to motivate buyers. At the right price, your home will sell.
Keep in mind, though, there are certain price ranges that do move slower. Upper price ranges tend to take longer to sell even in a seller’s market.
Are you thinking about selling your Knoxville home this year? Please let us know if there is any way that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at Rick@KnoxvilleHomeTeam.Com. Kati can be reached at Kati@KnoxvilleHomeTeam.Com.