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Six Reasons to Reduce your Home Price

While you’d like to get the best price for your home, consider our six reasons to reduce your home price.

Home not selling? That could happen for a number of reasons you can’t control, like a unique home layout or having one of the few homes in the neighborhood without a garage. There is one factor you can control: your home price.

These six signs may be telling you it’s time to lower your price.

1. You’re drawing few lookers.
You get the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers calling about and asking to tour your home than there have been for other homes in your area, that may be a sign buyers think it’s overpriced and are waiting for the price to fall before viewing it.

2. You’re drawing lots of lookers but have no offers.
If you’ve had 30 sets of potential buyers come through your home and not a single one has made an offer, something is off. What are other agents telling your agent about your home? An overly high price may be discouraging buyers from making an offer.

3. Your home’s been on the market longer than similar homes.
Ask your real estate agent about the average number of days it takes to sell a home in your market. If the answer is 30 and you’re pushing 45, your price may be affecting buyer interest. When a home sits on the market, buyers can begin to wonder if there’s something wrong with it, which can delay a sale even further. At least consider lowering your asking price.

4. You have a deadline.
If you’ve got to sell soon because of a job transfer or you’ve already purchased another home, it may be necessary to generate buyer interest by dropping your price so your home is a little lower priced than comparable homes in your area. Remember: It’s not how much money you need that determines the sale price of your home, it’s how much money a buyer is willing to spend.

5. You can’t make upgrades.
Maybe you’re plum out of cash and don’t have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn’t as well-appointed as similarly priced homes. When your home has been on the market longer than comparable homes in better condition, it’s time to accept that buyers expect to pay less for a home that doesn’t show as well as others.

6. The competition has changed.
If weeks go by with no offers, continue to check out the competition. What have comparable homes sold for and what’s still on the market? What new listings have been added since you listed your home for sale? If comparable home sales or new listings show your price is too steep, consider a price reduction.

Written by G. M. Filisko for House Logic

 

If you would like a Market Analysis for your home’s value, contact Clint Patterson at:

6 Tips for Choosing the Best Offer for Your Home

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If you find yourself in the position of receiving multiple offers on your home, it’s important to look at all the details before making a final decision. With the help of your agent, the best thing to do is to set up a table to reflect all the elements across the offers. For example, you will want to compare offered price from each of the prospective buyers. You will ALSO want to consider proposed dates to close, funding sources (cash versus loan for example), down payments, deposits and so on. I hope that the information below will be helpful and that if you would like to discuss details or other aspects of real estate that you will give me a call directly at (310) 426-8811.


Have a plan for reviewing purchase offers so you don’t let the best slip through your fingers.

You’ve worked hard to get your home ready for sale and to price it properly. With any luck, offers will come quickly. You’ll need to review each carefully to determine its strengths and drawbacks and pick one to accept. Here’s a plan for evaluating offers.

1. Understand the process.

All offers are negotiable, as your agent will tell you. When you receive an offer, you can accept it, reject it, or respond by asking that terms be modified, which is called making a counteroffer.

2. Set baselines.

Decide in advance what terms are most important to you. For instance, if price is most important, you may need to be flexible on your closing date. Or if you want certainty that the transaction won’t fall apart because the buyer can’t get a mortgage, require a prequalified or cash buyer.

3. Create an offer review process.

If you think your home will receive multiple offers, work with your agent to establish a time frame during which buyers must submit offers. That gives your agent time to market your home to as many potential buyers as possible, and you time to review all the offers you receive.

4. Don’t take offers personally.

Selling your home can be emotional. But it’s simply a business transaction, and you should treat it that way. If your agent tells you a buyer complained that your kitchen is horribly outdated, justifying a lowball offer, don’t be offended. Consider it a sign the buyer is interested and understand that those comments are a negotiating tactic. Negotiate in kind.

5. Review every term.

Carefully evaluate all the terms of each offer. Price is important, but so are other terms. Is the buyer asking for property or fixtures — such as appliances, furniture, or window treatments — to be included in the sale that you plan to take with you?

Is the amount of earnest money the buyer proposes to deposit toward the downpayment sufficient? The lower the earnest money, the less painful it will be for the buyer to forfeit those funds by walking away from the purchase if problems arise.

Have the buyers attach a prequalification or pre-approval letter, which means they’ve already been approved for financing? Or does the offer include a financing or other contingency? If so, the buyers can walk away from the deal if they can’t get a mortgage, and they’ll take their earnest money back, too. Are you comfortable with that uncertainty?

Is the buyer asking you to make concessions, like covering some closing costs? Are you willing, and can you afford to do that? Does the buyer’s proposed closing date mesh with your timeline?

With each factor, ask yourself: Is this a deal breaker, or can I compromise to achieve my ultimate goal of closing the sale?

6. Be creative.

If you’ve received an unacceptable offer through your agent, ask questions to determine what’s most important to the buyer and see if you can meet that need. You may learn the buyer has to move quickly. That may allow you to stand firm on price but offer to close quickly. The key to successfully negotiating the sale is to remain flexible.

By: G. M. Filisko

4 Bedroom Rolling Hills Home on Market – Update to Your Dream Home

2 El Concho Lane, Rolling Hills, CA 90274

Listing Price: $2,100,000

Original home on quiet cul-de-sac. Ready for updating into a dream home with great views of canyons, city and mountains. Circular driveway and large 3 car garage. Room for orchard, plus opportunities to develop and terrace hillside to enhance yard dramatically. Split floor plan with three bedrooms and two baths on the southern end, plus master suite at the northern end. Gracious living room and dining room with sliders bring the indoors and outdoors together.

FEATURES LIST

  • 4 bedrooms
  • 3 baths
  • 2,662 sq. ft. (assessor)
  • Built 1964
  • Located on cul-de-sac
  • 3 car attached garage
  • Serenity and privacy
  • Premiere address in equestrian, gated city
  • Lot: approximately 1.16 acres
  • Direct access to 60 miles of hiking and equestrian trails

This home is located at the end of a quiet street with easy access to Crest and Portuguese Bend Road. This is a great opportunity to buy an entry level Rolling Hills home and update and customize it to meet your family’s needs!

Rolling Hills is a private, gated community on the Palos Verdes Peninsula with a peaceful, rural atmosphere that has easy access to shopping, entertainment and quick access to LAX and major freeways. Direct trail access is perfect for hiking and horseback riding. The 24 hour attended gates provide for privacy and limited access. This home is located in the Palos Verdes Unified School District which is nationally recognized for excellence.

Exclusions: personal property and dining room chandelier

MLS# PV17007215

>>> Learn more at the dedicated property website.

San Pedro Pet Adoptions and Free Vaccination Clinic Feb 25

In addition to being committed to providing excellent service to my real estate clients, my other passion is to provide comfort and support to wayward animals in the Los Angeles area.  I serve on the Board of Pedro Pet Pals and am the Board Secretary. Pedro Pet Pals is committed to the community by providing spay/neuter programs, and community educational outreach to pet owners.

If this is important to you, please come to and spread the word about this upcoming San Pedro event for pet adoptions, free vaccination clinics, and SNPLA benefit.

Contact me Clint Patterson at (310) 426-8811 if you’d like to learn more.

Is Community Involvement Important to You When Selecting a Realtor?

According to this infographic from California Association of Realtors, whether a business is involved with the community translates to customer loyalty.

Whether is does or does not is not why I’m so involved with animal welfare groups, like Pedro Pet Pals. I truly believe in the cause and care about animals. I have 3 adopted dogs myself, Kol, Brody and Pumpkin. Of course, I appreciate any like-minded animal-lovers’ patronage!

Please share your thoughts with me at clint.patterson@gmail.com or (310) 426-8811.