It has long been the contention of a substantial percentage of professional real estate people that if something isn't selling, it's time to lower the price. Homeowners should seriously question this recommendation from their agent.
I have found that more often than not, that this is an incorrect conclusion and, therefore, a disservice to the client. In other words, price is not the problem.
If we assume that a well-compiled market analysis was done, using current and pertinent data when the home was entered into the marketplace, then it is illogical to conclude that the property hasn't sold because it is priced too high.
What if, in fact, it is priced too low and isn't selling? Does that still mean the price needs to be cut further, or could it mean that because of the too low price, the property is perceived by the market to be substandard?
Rather than thinker with price, a far better and more just approach is to analyze the appearance of the property and compare that to its competitors. The listing agent and his client should actually go preview competitors, even if it's no more than for curb appeal.
And then do two things. First, prepare another Comparable Market Analysis to see if things have changed. If they have, make adjustments accordingly.
But more importantly, work to make the home comparable in curb appeal and interior appeal to its competition. When possible, make it look better.
When you get through, you may find that you can raise the listing price! I've actually done that many times, especially when I've taken over another agent's expired listing. We've made some visual changes, and within a short period, the previously unsellable house has sold!
If you have your Dallas area home listed and it hasn't sold, call me. Let's see what the problem is.
Copyright 2008 - William S. Cherry
Bill Cherry has been marketing real estate since 1964. He has sold thousands of homes, apartments and commercial properties.