Wow what a Spring! The market has steadily remained busy and moving. Homes are still moving at rapid paces in many areas of Nashville. These days if your house is on the market more than a couple weeks, people start to wander, “What’s wrong with it?” The answer? Price.
Here is a great article about how to price your home and what a difference a small drop in price can make. Keep in mind, key factors to selling your home is competition. Look at it from a buyers point of view. If your house is listed for say, $330,000 but not moving, research what’s out there. Take a look at all the inventory in your area between $310,000 to $340,000. How does your place compare? Would a buyer want to see it over what else is out there? Then decide, if I dropped it to say $320,000, how would it compare?
Buyers have budgets. Most buyers have a specific number they won’t or can’t go over, so if a buyers budget were say, $325,000 and under and you are sitting at $330,000, your out, not even considered. This is when you decide if a price adjustment is worth it to you.
I have seen multiple examples over the last 6 months, where a $5- $10k price drop would make a home competing with say 10 other decent houses, drop to 4 houses. That’s a huge difference. Letting it sit, overpriced is only going to delay the inevitable, which is taking longer to sell, with the same end result price in the long run. Cut your losses and get the house sold.
Here is an article breaking the pricing down more.