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?

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the clip to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

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

Ambassador
1,423,979
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
1,708,505
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
1,383,977
Jennifer Fivelsdal | Call 845-758-6842 Helping you achieve your real estate goals
In Dutchess Columbia and Ulster Counties
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
1,383,977
Jennifer Fivelsdal | Call 845-758-6842 Helping you achieve your real estate goals
In Dutchess Columbia and Ulster Counties
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
1,752,957
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
Ambassador
1,383,977

Jennifer Fivelsdal | Call 845-758-6842 Helping you achieve your real estate goals

In Dutchess Columbia and Ulster Counties
Call today for help with your real estate need.
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the key to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: