Housing inventory is low!  Mortgage money is available!  Interest rates are low!  The Lansing area is in “Seller’s” market!  So, why is your home not selling?

Overall, there are a variety of factors that can cause your home to not get any offers. However, by doing some investigation and keeping the following warning signs in mind you’ll be better equipped to know when it’s time to lower your home’s list price. 

 1. You’ve received multiple “low ball” offers
The first telltale sign that your list price is too high is if you receive multiple offers that you perceive as low ball offers. Receiving one or two low ball offers is expected in a buyer’s market where there is plenty of inventory. However, receiving low ball offers in a seller’s market could mean that your list price is too high. Don’t panic. Repeated low ball offers provides an opportunity to assess the offers that you’ve received to see what range they fall in, and adjust your list price accordingly to be more competitive. 

2. There’s been high traffic but no offers
Another sign that your list price is too high is if you’ve had a ton of traffic at open houses and through private showings, but still have yet to receive an offer. High traffic means that at first glance your home is appealing enough for buyers to check out. If there isn’t a major problem that is scaring buyers off, it could mean that the list price is simply too high. Lowering your list price could put you in a position of receiving multiple offers from interested buyers, driving up the price of the home through competitive bidding.

3. Comparable homes have much lower list prices
One thing you and your agent should always keep an eye on is if comparable homes come up in your neighborhood. As this begins to happen, you could notice that your home is priced much higher than comparable homes in your neighborhood. This is another sign that your list price could be too high and scaring off buyers. Adjusting your home’s list price as more comparable listings become available will make your list price more competitive.

4. Your home has been on the market for multiple months
A final sign that your list price is too high is if your home has been on the market for a long period of time. This is especially true during the current seller’s market with low inventory and a surplus of buyers. Lowering your list price could make your home more appealing to potential buyers and help get your home sold.