When you list your condo or loft for sale in DTLA, you do so after considering advice from your Realtor(R). Your Realtor will tell you how much other, comparable condos or lofts are going for – and what you’re likely to get from yours.
But what happens if your home is just sitting on the market and you haven’t received any offers?
It might be time to lower your asking price.
Is It Time to Lower Your Asking Price?
First things first: You should listen to your agent when he tells you what price your home is likely to fetch on the market. He doesn’t just pull out a number that sounds good – he makes sure it is good before he lets you know. Your agent will compare your condo or loft to dozens (or more) of other homes on the market, those that have been taken off the market because they didn’t sell, and condos or lofts that did sell.
The bottom line is that your condo or loft is only worth what a buyer is willing to pay for it. Buyers aren’t concerned with how much you owe – they want to pay what other people are paying for similar homes, and no more.
Even if you didn’t listen to your agent’s pricing advice, there’s no shame in lowering the price of your condo or loft. After all, your goal is to sell it – and if it’s not selling at the higher price, you can increase your chances by taking it down a notch.
When to Lower Your Asking Price
- If you’ve had several buyers come through and none have made an offer
- If you haven’t had many (or any) buyers tour your home
- If your home has been on the market for a significant amount of time
You should always talk to your agent if you’re considering a price reduction. He might have other advice that’ll help you, too, like making small improvements or changing a few things about the way it’s staged.
Are You Buying a Loft or Condo for Sale in DTLA?
Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.
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