Lower Price May Not Bring Offers

Linda Goodspeed for The Patriot Ledger, June 15th, 2012
Question:  I have had my house on the market for almost three months.  We are getting regular showings and a lot of interest, with one or two buyers coming through almost every few days.  But despite all the interest, I have had no offers.
What should I do?  Lower my price?  Any other ideas?
Answer:  I am glad to hear that you are willing to lower your price if necessary.  But before you do that, I think there are a few other things you might want to try.
Without having seen the house, but based on the number of showings you say you are getting, it seems that you are in the right price range.
If you were priced too high, you would not be getting so many showings.  So, on the surface, I would say you have passed the initial price threshold.
But price is obviously not the only factor potential buyers consider in a home.  They are also considering the condition of the home, amenities, the home’s location, the neighborhood and its proximity to public transportation, schools, playgrounds and restaurants.
What kind of feedback is your real estate agent getting from all the people coming through your home?  Is your agent talking to other agents who are bringing people through?  What do they say about your home?  What are potential buyers saying?  What do they like, not like about the home?  How does the home show?  Are there ways to improve its appeal?
If your agent tells you the price is too high and that is what buyers do not like, then, yes, you might have to lower your price.  But if your agent says buyers are not mentioning price, but something else about the home that they do not like, see if you can fix it.
Sometimes it is better to put a little money into the home than lower the price.  If there is an odor, for example, lowering the price will not make the odor go away.  But changing or cleaning the carpet might.
Before you automatically lower your price, you should try to find out what it is about the home that buyers are not responding to, and then see if you can fix that problem.
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