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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Show All Comments
Rainmaker
850,852
J. Philip Faranda
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY - Briarcliff Manor, NY
Broker-Owner

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. 

Mar 03, 2011 11:50 PM #1
Rainmaker
479,353
Sharon & Bruce Walter
Keller Williams Realty Lafayette, IN - West Lafayette, IN
West Lafayette homes for sale

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!

Mar 03, 2011 11:53 PM #2
Rainer
126,166
Brian Doubleday
Brian Doubleday - IML RealEstate - Orange County, CA Broker - Ladera Ranch, CA
Ladera Ranch, Foothill Ranch, Lake Forest, Mission Viejo

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

Mar 03, 2011 11:59 PM #3
Rainmaker
1,149,790
Rob Thomas
Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954 - Bristol, TN
Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro

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

Mar 04, 2011 06:19 AM #4
Rainmaker
472,440
Kenneth Cole
Weichert Realtors Appleseed Group, 2043 Richmond Ave. S.I.N.Y. 10314. office phone 718-698-9797, Appleseedhomes.com... - Staten Island, NY
NYS Licensed Real Estate Salesperson

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

Well said.

Mar 04, 2011 06:30 AM #5
Rainmaker
1,481,819
Lawrence "Larry" & Sheila Agranoff. Call 631-805-4400 (c)
Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

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

Mar 04, 2011 07:41 AM #6
Rainmaker
910,468
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

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!

Mar 04, 2011 07:47 AM #7
Rainmaker
996,578
Gary L. Waters, Broker Owner Waters Realty of Brevard, LLC
Waters Realty of Brevard, LLC - Melbourne, FL
Personal Service, always.

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

Mar 04, 2011 07:54 AM #8
Ambassador
1,550,634
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

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

Mar 04, 2011 02:55 PM #9
Ambassador
1,471,538
Karen Kruschka
RE/MAX Real Estate Connections - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

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

Mar 04, 2011 04:51 PM #10
Ambassador
1,868,071
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut - Middletown, CT
Your Connecticut Mortgage Expert

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.

Mar 04, 2011 08:06 PM #11
Ambassador
1,446,701
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

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.

 

Mar 04, 2011 10:15 PM #12
Ambassador
1,446,701
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

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.

Mar 04, 2011 10:34 PM #13
Rainmaker
1,911,819
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

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

Mar 15, 2011 06:40 AM #14
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Jennifer Fivelsdal

Mid Hudson Valley real estate connection
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