Pricing a property can be a touchy subject, but ultimately one of the most important parts of selling a home. Many will argue to price the home higher as you can always lower the price while you won’t be able to increase it. In order to determine when it’s time to lower your asking price on your expired listing in New York City, you need to know the signs to look for.
Time on Market
How long has your home been listed? In today’s marketing, homes are selling FAST. If your home has been on the market long enough for the contract to expire, this is not good news. There is hope! An expired listing doesn’t mean your house is unsellable, but it does mean that your marketing tactics need to change.
Number of Offers
Weigh how long your home has been on the market against how many offers you’ve received for your Manhattan property. If you’ve been blessed to receive multiple offers, take another look as to why you didn’t accept any of them. If you haven’t received any offers, this is a sign that something with the property or marketing is off.
Feedback from Buyers and Agents
In an effort to pinpoint why your NYC listing has become expired, tune into feedback from potential buyers and agents. Gather this information from open houses and showings. Are people telling you your list price is too high? That’s something to take note of.
Competition Pricing
Your initial list price was most likely based off of neighborhood comps. However, due to the expired nature of your contract, you no longer can base your price off of those comps. Draw up new homes to compare your property to and see what prices they are effectively selling at. It will be most helpful to you to compare to current data in order to know how to effectively list your home.
Ultimately, you as the homeowner are in charge of pricing your property. However, if you have a strong desire to sell your expired listing, consider lowering the price in order to position your New York real estate as a strong option as a Manhattanite’s next home.
*ExpLiMO provides high quality leads on a daily basis and offers a unique opportunity for Manhattan and Brooklyn real estate agents to prospect for expired listing leads and grow their business exponentially.