Your Dutchess County home has not sold. Should you drop the price?

By
Real Estate Broker/Owner with JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 10491201242
http://actvra.in/6f5

Picture of a house

Your Dutchess County house has been on the market for almost a year and still failed to sell despite a couple of small price reductions.

What can you do now? You want to move on with your life and get out of town, especially after this harsh winter.

Oh, and by the way, you already have switched agents; actually you have had your home listed with 4 different agencies.

So, what is this telling you? The power to get the home sold is not only with the real estate agent but also with you.

We all know that the market is not where we would like it to be, but, some homes have sold. Do you know what the major reason is why a home remains on the market? Price!

Oh, but you want to hold out just a few months just in case that buyer comes along? Bad move!

During that time the mortgage rates are trending up, changes in conventional and FHA loan guidelines have changed making it harder to get a loan or the buyer can afford even less because of new rules.

Do you get my drift? The sooner you do the price reduction the better off you will be; yes, you will actually get more for your home.

So while you sit and ponder whether you should drop the price of your home here are a few points to keep in mind.

  • Your house is only worth what someone is willing to pay, or in other words what the market will bear.
  • It is worth what the bank will appraise it at, if financing is required.
  • Agents market your home to facilitate the sale but you Mr. or Ms. Seller will need to be part of the negotiating team; drawing a line in the sand won't work.
  • Keep in mind that with high inventory and the days on market increasing you are in a Buyer's market so you will need to be more willing to adjust your price.
  • Your agent can give you a current market analysis to show you why you should drop your price.

So stop putting off the inevitable just do it!

Copyright © by Jennifer Fivelsdal, all rights reserved-Your Dutchess County home has not sold. Should you drop the price?

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Topic:
Home Selling
Location:
New York Dutchess County
Groups:
Almost Anything Goes
Hudson Valley Real Estate and Mortgage Professionals
Realtors®
Tags:
price reduction
home sale
dutchess county homes

Comments 14 New Comment

Show All Comments
Rainmaker
818,747
J. Philip Faranda
Broker-Owner
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY

If a home hasn't sold, it means the court of public opinion has ruled against it. I now take my laptop on all listing appintments to show sellers the market activity firsthand. It makes a difference. 

March 03, 2011 11:50 PM
Rainmaker
430,965
Sharon & Bruce Walter
West Lafayette homes for sale
Keller Williams Realty Lafayette, IN

Jennifer, you have spelled it out very clear why the seller needs to price the home at what the market prices it at.  If you chase the market down you lose!  It is hard, but the seller has to listen and act!

March 03, 2011 11:53 PM
Rainer
126,166
Brian Doubleday
Ladera Ranch, Foothill Ranch, Lake Forest, Mission Viejo
Brian Doubleday - IML RealEstate - Orange County, CA Broker

Great post, I've fought this battle several times, you really have to encourage your clients to do what's best for them

March 03, 2011 11:59 PM
Rainmaker
1,073,025
Rob Thomas
Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro
Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954

Good Morning Jennifer.....great points...Nice post!
Hope you have a great day!---Rob

March 04, 2011 06:19 AM
Rainmaker
468,141
Kenneth Cole
NYS Licensed Real Estate Salesperson
Weichert Realtors Appleseed Group, 2043 Richmond Ave. S.I.N.Y. 10314. office phone 718-698-9797, Appleseedhomes.com -

Good morning Jennifer;  Seller must understand this, and trust their Realtor to help with the RIGHT price.

Well said.

March 04, 2011 06:30 AM
Rainmaker
1,440,148
Lawrence "Larry" & Sheila Agranoff. Call 631-805-4400 (c)
Long Island Condo & Home Sale Specialists
Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803

Too many sellers make the mistake of waiting for the "right" buyer. If you have not received any offers, the price is NOT right!

March 04, 2011 07:41 AM
Rainmaker
908,291
Bill Gassett
Metrowest Massachusetts Real Estate
RE/MAX Executive Realty

If a home has been on the market for a year and has not sold I would thing the answer of whether or not a price reduction is needed is pretty clear!

March 04, 2011 07:47 AM
Rainmaker
966,991
Gary L. Waters, Broker Owner Waters Realty of Brevard, LLC
Personal Service, always.
Waters Realty of Brevard, LLC

"Drawing a line in the sand won't work" - truer words never spoken to a seller!

March 04, 2011 07:54 AM
Ambassador
1,529,897
Gary Woltal
Assoc. Broker Realtor SFR Dallas Ft. Worth
Keller Williams Realty

Sometimes TOO the market prices drop and you have to follow them down. Sellers HATE to drop the price but sometimes it is necessary.

March 04, 2011 02:55 PM
Ambassador
1,440,039
Karen Kruschka
- "My Experience Isn't Expensive - It's PRICELESS"
RE/MAX Real Estate Connections

Jennifer Dutchess County homeowners are fortunate to have your expertise available to them - very well done 

March 04, 2011 04:51 PM
Ambassador
1,797,630
George Souto
Your Connecticut Mortgage Expert
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut

Jennifer you are right on target with this blog.  Sounds like this Seller has to really decide whether they want to sell there house or not, and stop waisting their time as well as everyone elses.

March 04, 2011 08:06 PM
Ambassador
1,432,475
Jennifer Fivelsdal
Mid Hudson Valley real estate connection
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571

Phillip- I too use the most recent market activity to drive the point home.

Bruce- Chasing the market down is always a bad decision.

Brian you do, but not everyone pays attention.

Rob-  Thank you, and I hope you had a good day too.

Kenneth - Doing that would make things easy.

 

March 04, 2011 10:15 PM
Ambassador
1,432,475
Jennifer Fivelsdal
Mid Hudson Valley real estate connection
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571

Larry and Sheila, so true.

Bill I think emotions play a big part in the denial process.

Gary In this market sellers need to be flexible.

Gary - In most market a drop is the trend.

Karen - Thank you, I so believe in educating the public,  so they can make better buying and selling decisions.

George It is a decision many sellers will have to deal with this spring.

March 04, 2011 10:34 PM
Rainmaker
1,844,516
Gita Bantwal
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel
RE/MAX Centre Realtors

Jennifer, I have seeen cases where the sellers have to chase the market down.

March 15, 2011 06:40 AM
Show All Comments
Ambassador
1,432,475

Jennifer Fivelsdal

Mid Hudson Valley real estate connection
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