There’s always a reason why homes don’t get picked up when initially put on the market. While there are plenty of legitimate reasons that don't have to do with the price, it’s important to reanalyze the listing price of your Brooklyn property before putting it back on the market.

Neighborhood Comps

Buyers will always ask to see comparable properties in the area to decipher whether your property is priced appropriately. If competition in your neighborhood is priced significantly lower than your home, chances are the buyers won’t bite and your listing price is too high. At the same time, look up homes that are listed for the same price as your home. Where are those homes located? What kind of updates have been on the inside or outside? Directly compare these changes with your own property to better understand the listing price.

No Offers

Your expired listing has been on the market for quite some time, so in order to determine if it could be correlated with your listing price, check for buyer feedback and the ratio of open houses/showings to the number of offers. Did people mention the price being too high during an open house? Have you had many showings with nothing to make of it (i.e. no offers)? This is a huge indicator that your property has been listed well above market value.

Your Agent Has Commented on the Price

Brooklyn real estate agents have been around the block a time or two and definitely know when a property is priced out of it’s range. If your agent has made a comment about the listing price of the home, this is a sign you should bring the price down to bring in the offers.

At the end of the day, the goal is to get your expired Brooklyn listing sold. Lowering the listing price of your expired listing does not necessarily mean you won’t make any money off of the sale. It’s quite possible lowering the price will bring in multiple buyers and result in a bidding war! However, it’s best to position your property in a way to attract more offers.

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