It’s been two months, and your house is still on the market. Try as you might, your Orlando real estate won’t sell. You have done everything, including getting it staged by a real estate agent, taking professional HD photos for the listing, engaging with potential buyers and telling them about the house’s features objectively, etc. However, none of it has worked.
Do you know why?
It’s not because the home inspection revealed a few major repairs or you acted too clingy when a potential buyer was touring the house.
It’s the sale price!
The reasons for a house not selling as quickly as the seller’s expectations are two-fold: It’s either the house’s condition or price. In most cases, it’s the latter.
A buyer starts looking at houses after making a budget. There are numerous things they take into account. These factors include how big of a loan they will have to apply for, the down payment, the monthly payments, penalties for missing a payment, the possibility of going into debt, and the duration they will have to curb their expenses.
You are not obligated to keep these things in mind, but the buyer appreciates it when you acknowledge them. For example, you could negotiate by saying, “I understand how difficult times are. So, how about I throw in a few repairs and appliances into the deal?” If this doesn’t seal the deal, you could offer to pay the closing cost.
Coming back to the price:
How do you know if it’s too high? This step is deceivingly complex because it predicts how low or high the buyers will bid. Moreover, you need to look at the comps to make some dollar adjustments for a competitive offer.
An online Home Value Estimator can help you develop a ballpark figure based on your house’s square footage and location. Remember: This is simply a starting point. If you price the house too high, you come off as ambitious. If it’s too low, you won’t make a profit.
20% of the sale price depends on the presentation and marketing of the house. The remaining 80% is based on strategy. For example, a house recently sold in your neighborhood had similar features to your house. The two-story house had five bedrooms, with attached bathrooms, a kitchen, a lounge, and a dining room. The only difference was that you recently renovated the kitchen and installed the modern appliances that buyers currently want. In this case, you can increase the price of the house based on your investment.
If you had a pool in the backyard, the price increase would be justified, but not many buyers would be willing to place an offer because of the maintenance cost.
What’s the Fix?
A price drop!
Start with a 1% price drop to see its impact. If you get an inquiry or two but no callbacks, consider dropping the price by 2%. Do a little research, find out the current price ranges buyers are looking under, and then tweak your price accordingly. For example, your research could reveal the average budget of a buyer to be $280,000 while you have priced your house at $282,000. In this case, round it up to the former price.
And this is how you ensure your asking price does not affect your house sale. Contact an Orlando realtor by visiting the Megan Dowdy Realty website. Get your house listed professionally by Clermont Florida Realtor to receive multiple offers. For more information, call 407-509-9279.
