4 Ways to Check If It’s Time to Reduce Listing Price in Harrisburg PA
” Is my house overpriced? “
It’s a question that crosses every seller’s mind at some point if they’re attempting to sell their property. Properly pricing a home to sell can be tricky, especially if a seller is trying to sell in a slow market or if their home value has depreciated since they purchased it.
Still, it’s crucial that the listing hits the market with an attractive, and reasonable, price tag. Despite knowing this, some sellers will attempt to list a property above market value with the old “start high, come down later” routine, but this poor practice can leave a home stale on the market with little hope of selling.
So if you’re sitting around wondering, “Is my house overpriced?” then ask yourself these 4 questions first:
- Is your home priced to compete with neighboring listings?
Before putting your home on the market, your agent should have presented a comparative market analysis – or CMA – to determine what the ideal listing price is for your home. Review all of the recent activity in your area to weigh the likelihood of your home selling at the price in mind. If your house is listed far above what any home in the area has recently sold for, then the answer to the question “Is my house overpriced” is a resounding YES! - Has there been little or no interest in your home since it hit the market?
Houses fresh on the market generally experience a large amount of showings within the first few weeks of being listed. If your house has had little traffic (and isn’t in shambles) then you may need to reduce the listing price. Don’t get stuck in “we’ll just see what happens” mode – a home sitting on the market for too long makes buyers wonder if there’s something wrong, which will only add to the issue. - Have there been showings, but no offers?
This scenario is where sellers may find themselves asking “Is my home overpriced?” on a near-daily basis. If you’re at this point and your home is priced well above comparable homes also for sale in the area, it may be time to reduce the listing price. If you’ve done your homework and priced your home according to the CMA from the start, then it may just be the right buyer hasn’t come along yet. - Did you interview multiple agents and pick the one that suggested the highest listing price?
A good real estate agent will present the most comprehensive data in order to build a solid case for the suggested listing price. If you speak to multiple agents, all suggesting listing prices in the same ballpark, then you’re being pointed in the right direction. If you come across an agent that strays from the pack – run. These agents may not be experienced in your area or have your best interest at heart.
Once you’ve answered the questions above, answering your original question of “Is my house overpriced” should be a cinch and your next course of action should be a given.
If your house is overpriced, have a sit-down with your listing agent to determine what the listing price should be reduced to. If it’s not, call a meeting with your agent to see how you can get more exposure for your listing and draw in more buyers.
Harrisburg PA Real Estate Expert
Ken Huebsch is your premier real estate agent in the Greater Harrisburg area. I am a specialist in Harrisburg real estate as well as the communities of Palmyra, Hershey, and Hummelstown. My wife Leslye and I have a combined 40 plus years experience serving our clients -We KNOW Harrisburg. When you plan to buy or sell Harrisburg area real estate, allow us to work for you. We are dedicated professionals and are here for your success. For more information on how we can best serve your real estate needs, please complete our online contact form or give us a call. Also, check out what our fabulous clients have to say about us on our testimonials page!
Cell: 717 514-1793
email: mailto:Ken@KensHomesales.com
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Ken Huebsch, Harrisburg Homes for Sale 717.514.1793 