How Long Is Too Long Before I Start Lowering The Price?
Am I just being impatient? This is the fifth house we've sold ourselves and of course in this economy, it's taking a lot longer. But how long should I wait before I lower the price?
We're a FSBO. We're selling a little horse farm so right off the bat it's a little trickier since part of the value is that it's a set-up horse property, therefore I need a particular buyer. We put it on the market in September. We sold it for the full asking price, $259,900 in December. We got a number of inquiries while we were in contract. It appraised for the full asking price. Two days before closing in February, our buyer was declined for her mortgage. We refreshed all our advertisements. We put it on Realtor.com. We drove around looking at comps to double check we were priced right. It's only been a month since my deal fell apart but in reality, it's been a lot longer since it's been on the market all together for six months because I told anyone who inquired when I was under contract that my buyer hadn't gotten her mortgage yet and I was still showing it. (I had a bad feeling about my buyer and was trying not to lose anyone.) So it's really been six months.
I know everyone says this but this really IS a unique property, because of the horse facilities. I know there aren't many people buying as it is and I have to find someone who's buying and who needs a set-up horse farm. My weakness is I only have one bathroom but everything else is top notch, from the curb appeal, to the condition, to the location. My property is advertised all over the place so exposure is not my problem. Of course I don't WANT to lower the price but I want to get this show on the road. How long should I wait?
Here is a link that might be useful: Smith Mountain Lake Horse Property