One unfortunate factor uniting real estate transactions all over the country is that prices seem to be dropping. This is great news for buyers, but if you are trying to sell Liberty Village condos or other pieces of real estate it can be bad news. If you are trying to make a fairly fast sale, it can be downright devastating when you don't receive any offers. You know you want to make a certain profit on the sale of your home, but no one seems to be jumping at your asking price.
After a few weeks have gone by without offers, your real estate agent may start to suggest that you actually reduce the asking price of your home. This is a common way to attract more buyers, whether we are talking homes for sale in Markham or a condo here in Guelph ON. But is it the first thing you should do? Is your real estate agent experienced enough to make the correct call in this situation? Here are some things you may want to try in order to attract potential buyers before you actually reduce the price.
Believe it or not, in some cases an increase in the asking price can actually attract more offers on a home. There are two reasons for this. First of all, a minor increase can put your house in a whole new search bracket. People will look at it who were looking at higher priced homes before, but couldn't find them on the market. Instead of being at the high end of one market in Pickering real estate, you are suddenly at the low end of another. That can mean you get a lot more offers because you have increased your pool of buyers, while at the same time making your home look like a good deal.
When you increase the price, people shopping for a bargain may also find the prospect of a negotiation win appealing. They may think that they are getting the best deal around as far as townhomes in Toronto, because they get you to knock $15,000 off of your asking price. However, in reality you are really making what you wanted to in the first place, and allowing the buyer to feel he or she has walked away the winner.
You can also try sprucing up your home as an alternative to reducing the price, particularly its curb appeal. The fact is that most of the time, when an asking price has been arrived at by a seller and an agent, it is not an unreasonable amount. A few changes to condos in Yorkville, even a better marketing strategy, may be all you need to get more buyers interested, at the price you are currently asking.
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