Phoenix, Arizona, has a thriving housing market. The home prices in the city have also been increasing throughout 2021, and the market is set to soar in 2022.
Even the pandemic and the recession that followed have not decreased it, with more people looking to buy houses in the Phoenix area. However, there are times when your house may not get any buyers. If your home is not selling, reducing the price can be the best solution to get some leads. Here are the circumstances where you need to reduce your asking price to sell a house fast in Phoenix
If the property that you have listed has a high DOM (Days on Market), then it is time for you to reconsider the price. Overpricing a home can keep it on the market for a long time, even when other conditions are beneficial for home sales.
Ask your agent to compare the asking price with similar houses in the area or similar areas around the city from the Multiple Listing Service (MLS). You may find that you are asking too much for the property comparatively.
Needs Fixed or Upgraded
If you are unwilling to upgrade the outdated aspects of the house, consider bringing down the asking price. Most home sellers, especially in a seller’s market, will make repairs and renovations to increase the asking price and attract buyers. If the house needs improvements, you will have to lower the price, depending on required renovations.
Another major factor that could force you to decrease the asking price is a bad neighborhood. If many houses in your area are outdated or damaged, the buyer will expect you to reduce the cost. Even if there is one house with a poorly maintained yard full of junk, it could spoil the aesthetics of the place. A poor neighborhood could also be an area with high crime rates or few amenities.
Need to Sell the House Fast
If you need to sell a house fast in Phoenix, you should reconsider the price. This situation often impacts sellers who are relocating or are in the midst of a divorce. A home with a reduced price in a booming market can attract many buyers. With a reduced asking price, you can close the sale in no time.
Don’t Make Too Many Price Cuts
Be careful not to make too many small price cuts because it may seem like something is wrong with the house. Revise the price once or twice. Make a well-thought-out decision about how much you would like to reduce instead of chipping away at it in small amounts.
If you want to sell your house in Phoenix as-is in any location, consider approaching cash home buyers in Phoenix. They offer a fair price within a day, and you can close in a week on your schedule.
The author regularly writes about real estate trends in Phoenix and helps homeowners who want to sell a house fast in Phoenix for the best price. Visit https://www.hbsbholdings.com/ for more information.