4 Alternatives to Reducing Your Home Sale Price

Your home sale price can play a large role in how quickly you sell your home. When a house sits on the market for several months, sellers tend to want to lower the price. Even though this might help, there are some other options that you might want to consider. Here are a few alternatives to reducing your home sale price.

1. Examining the Sales Process

Before you start to lower your sales price, you might want to examine the current sales process. Ask yourself if everything has already been done to sell the home at its current price before you lower it. In some cases, you may be working with a real estate agent that is too busy to do his job properly. Take a look at the ads and the flyers that have been created for your property. Ask yourself if they would interest you if you were a buyer. Note how many open houses you have had. Find out how many showings there have been. Try to get some feedback from the people that have looked at the property. Look at the big picture and try to determine if the real estate agent is giving his best effort to selling your property. If he is not, you may need simply to ramp up your marketing efforts in order to sell the property at its current price.

2. Waiting

In some cases, you may be trying to sell your property in a buyer's market. When this happens, there is a large inventory of real estate that is available. If this is the case, you need to examine your motives for selling at this time. Ask yourself if you really need to sell at this moment or if you can afford to wait. If you do not necessarily have to sell at this moment, you might consider taking your property off the market or waiting at the current price. If you do not have to sell right away, you can definitely afford to wait for the right buyer.

3. Improve the Property

In some cases, your property may be exactly like a lot of other properties that are on the market for the same price. If this is the case, you may need to add something to your property that helps separate it from the pack. Instead of significantly lowering your sales price, you might just put a little bit of money into fixing up the property. You might put a fresh coat of paint on, change the flooring or add some other attractive feature.

4. Incentives

You might also consider throwing in some type of incentive for a full price offer. For example, you might give someone a gift certificate to a home furnishings store or a big-screen TV. You might give the buyer a free vacation, pool table, home theater system or some other benefit that may be attractive to buyers. 

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