Question:
We have had our home listed with a REALTOR® for several months now with no results. Houses in our neighborhood have also come up for sale and have sold. We have talked with our REALTOR®, Bill, who has been a family friend for years, and he tells us that our price is too high. We feel our home is superior to the other homes that have sold around us and we disagree with Bill regarding price being the reason. We realize that our home may need new carpets and linoleum as ours is old so we are considering offering a bonus or rebate of $3000.00 to a buyer upon completion of a sale. We have not discussed this with Bill yet but we would like an opinion on the idea.

Reg. & Rita

Answer:
Dear Reg. & Rita

Your inquiry raises a lot of different areas of concern regarding getting your house sold. Firstly I would like to deal with the rebate idea. The offering of an incentive is always a stimulator of others idea that they are “getting a deal,” however it can also make a potential buyer aware that your property is in need of repair or renovation. The “bonus” idea has merit but it can also back-fire in that the other faults that your home may have may become more apparent to the buyer. Instead of offering an incentive to buy your property, reduce the asking price instead. A reduced price often puts your home in a different property search area which can give it more exposure to buyers looking in a price range different from what you are currently at.

Another area of concerned raised in your letter was the fact that other properties around you are selling, but you know your home is superior and therefore worth more. Everyone’s home is their castle, and we all know how much a castle costs, but if other castles are selling around you it may be time to listen to your REALTOR’S® opinion. Your REALTOR®, Bill, is no doubt very familiar why your home is not selling and in all likelihood it is the price. Bill can look at the other properties around you, listen to the feedback from other REALTORS® who have showed your house, and can see your home as property which is what a buyer views it as. Your REALTOR® wants you to receive the best price possible for your home so if it has been on the market for sometime please consider listening to advice that they can give you.

Thank you so much for your letter, Reg. & Rita. I hope you will take the advice offered here and consult with Bill as soon as possible regarding the effective marketing of your home.

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S6H 2E9