When Should You Lower Your Home’s Listing Price? | BAD PHOTOS

When Should You Lower Your Home’s Listing Price? | BAD PHOTOS

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When Should You Lower Your Home’s Listing Price?

Introduction: When to Lower Your House List Price

When should you lower your house list price? Let's talk about that.

The Importance of Professional Photos

But first, I wanna show you something quick. It really matters who you go with. If you have an agent who tells you they're going to use their iPhone to take photos. Be very wary. This one right here, I was looking at it for a client today or yesterday, and I was taken aback, five total photos, which come on.

Electrons are free, right? and then look, these are the actual photos of this house. Now granted, they want $1.3 million for this house. It's not my listing. And shame on the agent that thinks this is okay. As a matter of fact, they're screenshots. See, look, this little tab here, I don't get it.

It was almost like it's rented and she wasn't really allowed to take pictures, so she snuck pictures, and this one's blurry. It doesn't cost that much to have professional photos done, and this agent should have insisted that professional photos be taken before we put it on the market.

This is an awesome value for a five bedroom, two and a half bath. However, it's not presented right. And I think it's gonna be on market for quite a long time. It's only five days on market, but we'll see later on.

Setting the Right Listing Price

When should you lower your home's listing price? That's a great question. First of all, I'm a huge advocate of listing it low, bringing in buyers and letting the buyers set what the house is worth.

Because that's the best way to sell your house, period. A buyer is not going to buy an overpriced house. I said this yesterday in one of my posts. Buyers know what your home is worth more than what you think your house is worth. They've gone to multiple homes.

They know your area versus another area. They know your house compared to another house, and they're going to make the decision. And if your house is listed on market for over 15, 20, 30 days, the reason why your house is not selling is because of the price. Or you have crappy pictures period.

If your house is worth. 1.3, and you insist on listing at 1.5, hoping to get 1.6. You're wasting your time. your agent's time, and you're wasting a lot of buyers' times because what's gonna happen is they're gonna come in and they're gonna look at your house and compare it to all the other houses listed at around $1.5 million.

And they're gonna say No. When you go and look at prices, take the time to look at three or four other houses in that price range square footage with bedroom counts, et cetera, and be honest about it. Would you pay 1.6 for a house when it's really worth 1.3?

Price is usually the reason why your home is still on the market, period, right?

Mortgage Rates this week

Consistent Marketing Strategies

I have a consistent process. I do the same thing every time for all of my listings. I don't care if it's 800,000, I don't care if it's $8 million. It's always the same thing. I might do a couple extra little things for the big one, pay for more staging if that's something that we negotiate.

However, it's the same process. I do the same marketing. I do the same 3D. 360 Dollhouse. I do the drone. I do everything. I market it. I do everything the same every time. So if your house isn't selling based on condition, location, and market, right? Want to lower the price, they say 21 days.

Originally it was listed at 1.4999, and then after 2030 days, they dropped it down to 9 9 9 9. And guess what? It disappeared because the buyers came in and paid for what it's worth, but it was a mistake because they should have listed it at 1.2, 1.3 and let the buyers bid it up and be done with it.

Understanding Price Cuts and Market Trends

What to know about price cuts. No one wants to make a price reduction. If you list at 1.5 and drop it to 1 million, you're gonna get a bunch of trolls. They're gonna come in and offer seven 50 for a house that's worth 1.4, 1.5.

So, take your ego out of the race here for a second and just understand that pricing is very important. Maybe you reduced your price by around 4%, but no more than nine if your initial price was comparable to the market. And it's tricky right now because the market is contracting, especially since we're at the tail end of our selling season. I see a lot of houses sitting on the market a lot longer, just a normal thing as we go into the summer.

What you get for $2MM in Santa Clara County

So, just remember that what you give is $2 million in Santa Clara County. Three bedroom, two bath in San Jose. 1200 square feet, $2 million. Remember its location, right? West Valley, so it's the Saratoga area, right? If you're right against the freeway, your house isn't gonna sell. Good luck with that one. First day on the market. What you get for a million dollars, a two-bedroom, one bath, less than a thousand square feet in San Jose.

What you get for $1MM in SILICON VALLEY

A million dollars for a two bedroom house, and it's close to the freeways. It's close to downtown. This really should have been listed at 800, first day on market. Not much to see here. There you go.

It's really tiny. I'd pass on that.

Current Market Analysis

This is updated. For today, May 15th, and we have the April numbers in. And I didn't do this last week 'cause I was out sailing for the last two weeks. So here you go. You can tell I have the sailors beard and a little bit of a brownness on my forehead.

Prices or inventory's going down, months of inventory is going down in certain places. Let's take a look at Santa Clara. Santa Clara is flattening out, but it's not going up or down.

But other places like Napa are sky high. Now, what's going on in Napa? They're overpriced for their area, and the only rural industry in Napa is tourism in the wine country. Second homes, people go up and buy houses as second homes. There, the active number of homes versus months of inventory.

And there you go. this is just Santa Clara County. Single family homes only. And these are the cities, months of inventory, single family homes only. Everything's dropping for the most part except for, looks like Los Altos. But there you go. Months of inventory is coming down. Sorry about that. I just saw that little typo.

But inventory's going up. So what we're seeing over the last month and a half is inventory's going up. Homes are staying on the market a little bit longer, and prices right now are staying stagnant because the rates are still at 7%. And we're hearing all this doge stuff and tariff stuff and all this propaganda. But if you look at the stock market today, the stock market's rebounding. Inflation's also down, so maybe we'll see prices go down or rates go down. If you're looking at a $2 million house and you have good credit, you're looking at 6.5% basically.

That's it for now on Vito with Abano. Thanks for watching.

Bye.

🔴 Video Living in San Jose in the No. 4 spot. in US https://youtu.be/hxw5k739OKU?t=521

Vito Scarnecchia

Real Estate Broker, Veteran, Dad

DRE#: 01407676

408-705-6817

Vito@abitano.com

Update your home value: https://hmbt.co/bT7qRJ

FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia

If you are moving ANYWHERE in the world, let me know! I know a LOT of AMAZING Agents!

🔴 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg

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