3 Reasons to Accept an Offer Lower than Your Asking Price

Once a homeowner decides to sell their home, it is very common for their realtor to work with them to determine the asking price for the property. The realtor can help to evaluate the comps in the area and establish a fair market price. But the simple fact is that not all homes sell for the asking price. There are a few reasons why your Phoenix home might not sell for full asking.

Time on the Market is a Factor

There are times when a house lingers on the market for far longer than the average of other homes in the area. When this happens, the chances of selling drop greatly. Buyers see the longer time on the market and shy away thinking that there must be some issue with the home or it would have sold more quickly. As time passes, the seller begins to get worried that an offer might not come. In most cases the realtor will suggest lowering the asking price. This can sometimes get the asking price down to a lower bracket, for example reducing from $210,000 down to $199,999 would now get the house into the under 200k bracket and it would end up in more search results. A lower price can also increase interest as buyers see that the seller might be willing to negotiate.

Condition is a Factor

If your property does not have all of the upgrades and renovations that other properties in the area are offering, then you might not be getting much interest from buyers. A kitchen renovation with newer appliances and counters grabs a buyers attention where as your older kitchen might not be wowing potential buyers. If this is the case, then a realtor would suggest that you reduce the price to compensate for the renovations that the buyer would need to do after the purchase. In a lot of cases, a buyer would rather get a better sale price and be able to complete the renovations to suit their taste.

Timing for the Sale

There are a number of reasons that might be driving you to sell your home. And many of them are time sensitive. If you have gotten a new job and are relocating, then a fast sale is in your best interest. Also, if you have found your next home but cannot close until you sell your current home, then taking a slightly lower offer is a great way to be sure that the new home is not sold to someone else. If you are in a hurry to sell you will want to take some time and evaluate any reasonable offer that is made. Taking slightly less but closing quickly will let you move on with your plans. One great option for a fast sale at a fair price is to contact a real estate investor to see if they would be interested in your home. Visit www.phoenixhomebuyersgroup.com to learn more about a fast sale to a real estate investor.

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