While you’d like to get the best price for your home, consider our six reasons to reduce your home price.
Home not selling? That could happen for a number of reasons you can’t control, like a unique home layout or having one of the few homes in the neighborhood without a garage. There is one factor you can control: your home price.
These six signs may be telling you it’s time to lower your price.
1. You’re drawing few lookers.
You get the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers calling about and asking to tour your home than there have been for other homes in your area, that may be a sign buyers think it’s overpriced and are waiting for the price to fall before viewing it.
2. You’re drawing lots of lookers but have no offers.
If you’ve had 30 sets of potential buyers come through your home and not a single one has made an offer, something is off. What are other agents telling your agent about your home? An overly high price may be discouraging buyers from making an offer.
3. Your home’s been on the market longer than similar homes.
Ask your real estate agent about the average number of days it takes to sell a home in your market. If the answer is 30 and you’re pushing 45, your price may be affecting buyer interest. When a home sits on the market, buyers can begin to wonder if there’s something wrong with it, which can delay a sale even further. At least consider lowering your asking price.
4. You have a deadline.
If you’ve got to sell soon because of a job transfer or you’ve already purchased another home, it may be necessary to generate buyer interest by dropping your price so your home is a little lower priced than comparable homes in your area. Remember: It’s not how much money you need that determines the sale price of your home, it’s how much money a buyer is willing to spend.
5. You can’t make upgrades.
Maybe you’re plum out of cash and don’t have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn’t as well-appointed as similarly priced homes. When your home has been on the market longer than comparable homes in better condition, it’s time to accept that buyers expect to pay less for a home that doesn’t show as well as others.
6. The competition has changed.
If weeks go by with no offers, continue to check out the competition. What have comparable homes sold for and what’s still on the market? What new listings have been added since you listed your home for sale? If comparable home sales or new listings show your price is too steep, consider a price reduction.
G.M. Filisko is an attorney and award-winning writer who made strategic price reductions that led to the sale of a Wisconsin property. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.
Given the drought situation in California, I thought it would be useful to provide this conservation information. The live links for the programs and rebates listed below can be found here. This list was generated for the 92103 zip code.
Use this link to enter your street address AND zip code here to locate your water provider, restrictions, and conservation programs and incentives that are available in your area.
Example: Using 92103 as a base address for this information, the local water provider is: San Diego Public Utilities Department
600 B Street San Diego, CA 92101.
Report Water Waste: (619) 570-3525
Report a Leak: (619) 515-3525
Water Restrictions in Your Area: http://www.sandiego.gov/water/conservation/drought/prohibitions.shtml
Conservation link: http://www.sandiego.gov/water/conservation/index.shtml
Contact Phone: 619-533-7485
If located within the City of San Diego service area, here are the following conservation programs:
Programs and Rebates
Rain Barrel Program Rebate Program
Residential Interior and Exterior Surveys
Mulifamily Interior and Exterior Surveys
Commercial Landscape Surveys
Water-Wise Business Survey Program
Residential Outdoor Water Conservation Rebates
Commercial-Multifamily Outdoor Water Conservation Rebates
The following regional programs are also available through the San Diego County Water Authority, the Metropolitan Water District of Southern California, and SDG&E:
San Diego County Water Authority
Agricultural Water Management Program
Artificial Turf Discounts
WaterSmart Landscape Makeover Series
WaterSmart Landscape Efficiency Program
WaterSmart Turf Replacement Program
Note: Turf Replacement rebate program funds have been exhausted. We are unable to accept additional applications at this time.
Metropolitan Water District of Southern California
Landscape Irrigation Survey
Water Savings Incentive Program
On-Site Retrofit Pilot Program
SDG&E Clothes Washer Rebate
Sustainability Circles Program
From the City of San Diego
Most people aren’t aware of how many gallons of water the average household uses each week. In San Diego, a typical household uses around 14 hundred cubic feet (HCF) of water a month (more in the summer, less in the winter.) One HCF of water is equal to 748 gallons, so a typical household uses about 10,472 gallons a month.
Here are 24 simple ways to help you save water. Whatever your conservation goal is – 15 percent, 25 percent, or more – the more of these steps you take the more water you’ll save. The more water you save, the more money you’ll save on your water and sewer bill.
In The Bathroom
While waiting for hot water to come through the pipes, catch the cool, clean, water in a bucket or a watering can. You can use it later to water plants, run your garbage disposer, or pour into the toilet bowl to flush. (Can save up to 50 gallons a week per person.)
Replace your regular showerheads with low-flow showerheads. (Can save up to 230 gallons a week.)
Keep your showers down to five minutes or less using a low-flow showerhead. (Can save up to 75 gallons a week per person.)
Turn the water off while lathering-up in the shower. Then turn the water back on to quickly rinse. (Can save up to 75 gallons a week per person.)
Take shallow baths, no more than 3 inches of water. (Can save up to 100 gallons a week per person.)
Replace your older model toilets with new ultra-low-flush models. (Can save up to 350 gallons a week.)
Check your toilets for leaks. Drop a dye tablet or a teaspoon of food coloring (avoid red) in the tank. If color appears in the bowl after 15 minutes, you probably need to replace the “flapper” valve. (Can save up to 100 gallons a week for each toilet repaired.)
Flush the toilet only when necessary. Never use the toilet as an ashtray or wastebasket. (Can save up to 50 gallons a week.)
Never let the water run while brushing your teeth or shaving. (Can save up to 35 gallons a week per person.)
In the Kitchen
Hand wash dishes just once a day using the least amount of detergent possible. This will cut down on rinsing. Use a sprayer or short blasts of water to rinse. (Can save up to 100 gallons a week.)
If you have a dishwasher, run it only when you have a full load. (Can save up to 30 gallons a week.)
Scrape food scraps off dishes in the garbage can or rinse them off with very short blasts of water. (Can save up to 60 gallons a week.)
Never use hot, running water to defrost frozen foods. Plan ahead and place frozen items in the refrigerator overnight or use the microwave oven. (Can save up to 50 gallons a week.)
Rinse vegetables and fruits in a sink or a pan filled with water instead of under running water. (Can save up to 30 gallons a week.)
Run your garbage disposer only on alternate days. (Can save up to 25 gallons a week.)
Around The House
Repair all leaky faucets, fixtures and pipes both inside and outside your home. (Can save more than 150 gallons for each leak.)
When doing the laundry, never wash less than a full load. (Can save up to 100 gallons a week.)
Set lawn mower blades one notch higher since longer grass reduces evaporation. Leave grass clippings on your grass, this cools the ground and holds in moisture.
Mulch, compost and wood chips are available at the Miramar Greenery.
Never hose down your patio or balcony, always use a broom or blower. (Can save up to 100 gallons a week.)
Don’t allow children to play with the hose. (Can save up to 10 gallons a minute.)
If you have a pool, use a cover to cut down evaporation. This will also keep your pool cleaner and reduce the need to add chemicals. (Can save up to 250 gallons a week.)
Take your car to a car wash that recycles its wash water. If washing your car at home, use a bucket of water and sponge. Rinse quickly at the end.
Never allow the hose to run continuously. (Can save up to 150 gallons a week.)
Water your lawn and landscaping before dawn or after the sun sets when there’s less evaporation. Adjust your sprinklers so they don’t spray on sidewalks, driveway or street. (Can save up to 250 gallons a week.)
Consider me your resource for all things real estate! Selling, buying, upsizing, downsizing, relocating, investing, vendor referrals, shoulder to cry on during renovations and more. Just send me an email or call me at 619-888-2117.