How do I know if I’ve got the wrong list price?

How do I know if I’ve got the wrong list price? If the home sits on the market for a long time, is that detrimental to me as the seller? findwell agent Tamar Baber answers in this installment of Ask an Agent.

Q: How do I know if I’ve got the wrong listing price?

A: There are many things that will tell you if your home is priced well or if it’s going to sit there and not sell right away. The first thing is the activity. Are you getting at least two to three showings a week on your home? The second thing is what is the feedback like from the agents who are showing your home? Those will be very telling.

Some of the factors that may affect the time frame for selling of the home are you and what your motivation is for selling and how long you would like to take to sell your home.

Q: If the home sits on the market for a long time, is that detrimental to me as the seller?

A: If you leave your home on the market for awhile, both buyers and their agents, who are an important part of this puzzle, are going to see it as first “what’s wrong with the home?” is what the buyer will think, and the agent will think “why is the home not selling, and is the seller really motivated to sell and in that length of time have there been any price changes?” If there haven’t been any price changes, both the buyer and their agent will think that maybe the motivation to sell by the seller is not high.