I found out from my RE agent that House #1 was shown for the second time yesterday. She also said that based on the VERY low turnout, I should seriously consider reducing the list price. Although 20 days isn't a huge amount of time, my worry is the lack of traffic that is going to the house. I mentioned this ever-so-briefly to my wife a couple of days ago, but we need to really get the ball rolling on this. Once I get a serious buyer, it can still take 30 or so days before we close. And with each passing month, I have to pay another ~$1,000 in holding costs.
As I said in a blog entry the other day, I am considering dropping the price about $2k and offer both a $1,000 buyer's agent bonus (to get more showings) and $1,000 towards the buyer's closing costs (to better sweeten the deal). If I did that and were able to get it closed by June 30th, I'd still profit almost $15k (and make a net profit of almost $14k if it closed on Jul 31st).
3 comments:
Well, since I was one of the ones urging you to list it at the higher price, I feel I should also say it now might be time to lower the price. At least you tried!
Just remember, any profit is profit! And, cut yourself some slack--this is only your first deal! I think your new price idea is a good one and will do a lot to attract more attention for your property. Be sure to still leave yourself some wiggle room. The buyer will want to be able to talk you down a little.
Trisha - You know I completely forgot about the fact that the buyer would try to negotiate down. Hmmmmm. Maybe I'll just drop the price $1,000 and stick with my idea on the incentives first. I can always go down from there, but kinda hard to go up. Thanks!
Post a Comment