opinions on dropping price of house

Our house is listed for $399 right now...its been on the market since May, and we have not had any offers. We were thinking about lowering the price to $389, but if we did that, we would not be able to be very flexible....we would need to sell the house for $380 at the bare minimum, and still not even sure if we would be able to do that.

So what do you think. Keep it at 399 so ppl can negotiate the price, or go down to 389 and just have to stay firm?

Thanks...this whole process is soooooo annoying

Re: opinions on dropping price of house

if you have not had any offers in 4 months, i would maybe suggest dropping it a bit to see if it makes a difference. what does your realtor say?
good luck!!

Re: opinions on dropping price of house

I feel your pain. Honestly if the house isn't generating any interest at your current price you need to drop. I don't know what area you are in and what the houses are selling for around you but the chances you will get 9k under asking could be tough. What does your realtor think?

Re: opinions on dropping price of house

10k is not going to make a difference if you haven't even had any offers.

I'd drop to 379,999 and hope for a bidding war or an offer at asking.

Re: opinions on dropping price of house

I would drop it. If you are not getting any interest after being on the market for months, then there's an issue. Most often, it's price.

Do you have a sense of what similar homes in your area are selling for, and how your competition is priced? Unfortunately, the right listing price for your home has nothing to do with what you need to recoup, and everything to do with market value, based on comparables.

I would lower the price, and then be firm on your asking price if you need to. Better to have interest and draw offers -- at least then you have the opportunity to negotiate -- rather than to price the house too high to leave room for negotiation, but get no offers (and therefore have nothing to negotiate!). The room to negotiate does you not do you any good if there is nothing to negotiate! Lowering the price will also bring the listing to the attention of realtors again ... it will show up as an updated listing on MLS (which can help revive a stale listing!).

Good luck!

Re: opinions on dropping price of house

Message edited 8/25/2011 4:45:47 PM.

Re: opinions on dropping price of house

What are houses selling for in your area?

I woud drop to $379. $10K won't make a difference!

Re: opinions on dropping price of house

Re: opinions on dropping price of house

I've never been a seller but as a buyer I'd recommend dropping it. My reasoning is that you might attract buyers whose high range is the price that you will drop your house to.

We wouldn't have even looked at the house we are buying if they hadn't dropped the price because we weren't looking at anything over $325k and then when they dropped it below that mark, it showed up in our search.

Good luck!