1 – Had your realtor actually take you over to the competition? You need to go into the homes and look at them. As many of them as you can.
2 – Have you reviewed or looked at the condos that have gone pending that you would consider again to be competition?
I believe there is substantial value in being the most price competitive property amongst your peers. However I think alot of people overlook adding value in addition to lowering the price. If you are willing to slash your price by 10-20k each reduction then spend 10k on the granite counter tops and stainless steel appliances. Put in the nice tile instead of laminate, etc…
The main point here is that you may need to push your realtor to get more information about your competition. This may be more work then just having the realtor send you the latest actives and pendings, you should go and see them. If you are paying 2/5-3.0% to you realtor to sell the home then they should be having the open houses, putting it on brokers tours, the whole shebang. That is why you are paying the commission right?
Have you also analyzed the solds? What was different about them? Be proactive and go over to the homes, knock on the door and ask if you can take a quick look around…
This may sound lame but taking steps like this will give you a more concrete feeling of what you need to do as opposed to sitting on the computer and hearing all of us say lower the price, lower the price. I don’t mean that as an insult, just some words of advice.
Lowering the price is good, don’t get me wrong, but there is more you can do.
