When to Lower the Price on Your House

Putting up the “For Sale” sign on your home comes with a mix of emotions. A bit of nostalgia, a dash of excitement, a splash of anxiety, and a lot of hope that you’ll get a healthy return on your investment.

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While some houses sell quickly, others sit on the market for far too long. This can happen for any number of reasons—lack of demand, house refurbishments, seasonal slumps, or poor listing quality. But the #1 reason is overpricing!

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Reverified specializes in accurate home pricing, thanks to our Fair Deal Zone report. Houses priced correctly sell faster and for the right price compared to overpriced properties which tend to go stale, drop in price, and ultimately sell for less than they are worth. That’s a crummy scenario for home sellers.

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Still, there are times to sensibly lower home prices. Here are a few things home sellers should know about lowering the price of your home.

Signs You Should Lower Your Home Prices

You might consider lowering your listing price if your home has been on the market for a while without significant interest from prospective buyers. Here’s how to know when and how to adjust.

Excessive Time on the Market

Have you heard of the 30-to-60-day rule? If a property hasn’t received strong interest or any offers within 30 to 60 days, it indicates that the asking price is too high. Either that or you haven’t done enough to make the listing attractive to house hunters.

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Know that this is more of a guideline than a hard-and-fast law of residential real estate. Highly competitive markets might see interested buyers within 2 to 3 weeks. In slower markets, you may have to wait longer than a month.

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But the overall point is this: Extended time on the market can make potential buyers think there’s something wrong with the property.

Lack of Showings and Inquiries

A high listing price can turn away potential buyers before they even see the home. If you’re not getting scheduled viewings or inquiries, it’s likely due to the high price or a mismatch with demand.

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If you are getting showings, keep a keen ear for feedback. If several visitors mention that the price doesn’t align with their expectations or the value they perceive, that’s a strong signal to reconsider your pricing.

Prices Drop for Similar Properties

If you see similar homes in your area reducing their listing prices, you might have to follow suit to stay competitive. This could indicate that the market is not as hot as it once was or that buyers are asserting more control over what they are willing to pay.

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Admittedly, your for-sale home might have features that other properties don’t—like a pool, extra large garage, or refurbished kitchen. And that could set you apart from the competition. But, if prices are falling across the board, those special features might not be enough to justify the price tag.

How to Intelligently Lower Your Home Prices

Home pricing isn’t a guessing game. There’s real data available to help you make smart decisions. If you’re experiencing challenges selling your home, you should investigate your pricing strategy.

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A Fair Deal Zone report from Reverified only costs $49 and can help you sell your house faster, and for the right price. Overpriced homes often go stale, and sell for up to 15% less than they’re worth. So, whether you’re about to put your home on the market or already have a listing, Reverified can help you figure out a home price range that’s good for you and attractive to buyers.

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Here’s how Reverified works:

1. You order a Fair Deal Zone report for your address.
2. Reverified creates Property Clusters from similar properties within your geographic region and neighborhood.
3. Our innovative technologies identify and rank 19 home features that will affect your pricing.
4. Our pricing experts use their knowledge and judgment to assess things like curb appeal, unique features, and more—things that an algorithm cannot do on its own.
5. An impartial report is produced that shows the ideal price range benefiting both buyers and sellers.

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Our Fair Deal Zone report is fast, accurate, and easy to use. This is incredibly helpful for home sellers looking to intelligently assess their home pricing.

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Reverified even provides you with a Fair Deal Zone badge, indicating to would-be buyers that your home is priced properly—which can motivate more attention and faster deals.

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So, what are you waiting for? Set the right price for your home and put up the “Sold” sign! Order your Fair Deal Zone report today.