If you get too many low offers (and most of them fall within a particular range), then you have reason to recheck the price you quoted. In particular, you will probably want to look into whether the comparative market analysis was done properly. Consider who did it for you, whether a local agent or an appraiser, and consider requesting a new assessment from a different source. If you arrived at the figure yourself by browsing through some listing websites, then you might have made a grave mistake. Take advantage of the MLS and arrive at the right price so that you can effectively deal with offers that seem too low. NOT ENOUGH OFFERS If market activity in the area surrounding your listing was high during the weeks immediately following the listing, you might imagine it is priced correctly, even if there doesn’t seem to be much interest in your listing. But if there have not been many people interested in showings, it could be an indication that the price was too high, regardless of what the market’s activity would seem to indicate. Also keep in mind the fact that many homebuyers do not like to work with FSBOs, which might be undermining your efforts—all those sales were probably through agents, so even though your price is comparable, your FSBO status is putting off prospective buyers. When there are no offers, despite every sign the price should be right, it is probably time to get in touch with an agent. When you have too few offers, you need to start working hard before it is too late, as you are likely to raise doubts among future buyers if the home spends too long listed without selling. They might imagine that the property has some flaws, that the price was too high, or that there are other reasons for it to still be on the market. At that point, the best idea would be to contact a real estate agent and seek a way out through professional assistance. Always remember that it is the market that sets the real price of a property, and not the seller. Therefore, any pricing strategy that is not based on thorough market research is bound to flop and make your listing perform poorly. Agents can do a better job, as they are bound to be a bit more objective than you are when it comes to suggesting the right price. Moreover, they will adopt more professional methods to arrive at the best price through a thorough, professional comparative market analysis.
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