When to lower the price?

Ok, our house has been on the market for about 6 weeks now. We've had a couple of showings and a lot of flyers taken. The second showing we had the other day, they really like the house, but their parents want them to look at more houses.

My question is that I know it's been the holidays so I know it's slow time anyway, but I was looking on the MLS and seeing what else is out there in my zip code and what they have to offer and it seems that our price is higher. In comparison they have things that they don't and we have things that they don't. The biggest thing to me is that they're newer and less money. But the house isn't in the greatest neighborhood. My mom doesn't think we should lower the price yet, but to me, we just need to sell the house right away or risk ruining our credit. But, we do need to make a little bit of money off of our house for other debt reasons. We wouldn't be making much from it, but we need something. Would lowering the price $2,000 make any difference or does that do nothing? We are in NC so it's a bit different. I just wanted opinions to see what everyone else would do at this point? Is 6 weeks including 2 holidays not long enough to lower price? I wish we could lower the price a lot, but unfortunately with 2 mortgages we can't.

ETA: I personally think our price is definitely fair in comparison to what other houses have sold for and what is on the market right in my neighborhood now, but I'm comparing it to other houses in the area and it seems too high. Maybe it's just the economy now, I don't know. HELP!!! We just can't afford to wait months to sell it if we can help it.

Message edited 1/2/2009 5:57:01 PM.

Re: When to lower the price?

I really don't think 2k will make a difference- if comps are much lower- you might have to take a loss to sell your house fast.

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Re: When to lower the price?

Message edited 1/2/2009 6:14:24 PM.

Re: When to lower the price?

I agree with the others

Re: When to lower the price?

On those real estate shows they always say to go a little less than what other houses in the market are currently selling for, especially in this market. What percentage of your asking price is $2000? (not that you have to post it, but maybe you want to think in those terms)
Here on LI it honestly really annoys me as a buyer to see houses being lowered by insignificant amounts (like $1000 or even $9!)

I feel like the sellers are playing a game and trying show up in my email every day or make me feel like wow, they keep lowering the price, that must be a great bargain. I don't mean to say that is what you are trying to do, just trying to warn you that is how it could come off if you are not really lowering it in a way that would be taken seriously, if you know what I mean.

I wish you good luck

Re: When to lower the price?

Thanks everyone! I agree with all of you on this one. What's hard is that we're only asking $184,900 for this house. The going rate for the surrounding houses range from $170-$205K. So, in all reality the house is within range, but like I said, compared to other houses it's hard to know what to offer it for. We're really not asking much more than surrounding houses so it's hard to lower it significantly. The only reason we're asking a little bit more is because we've upgraded the whole house and many of the other one's are not. Some are even asking the same price with absolutely no upgrades. With this market, it's really hard to judge the right price. This SU@KS!!!

Re: When to lower the price?

If you want a quick sale you should price it slightly below market.

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Re: When to lower the price?

If you want a quick sale you need to have the lowest price or be the newest, best house in the best location hands down.
Have you considered offering $ toward closing costs or something like that to set you apart?

Re: When to lower the price?