Dear Heather: I have had my house on the market for six months and I haven’t had an offer. I am not sure whether to reduce the asking price or not? — Home Seller

Dear Home Seller: If your house has been on the market for six months and you haven’t received an offer there is a good chance that it is overpriced for the market. Properties are actually selling quite quickly in this market, IF they are priced correctly for our market conditions in Bermuda.

So no matter what your “friend in real estate” says, or your real estate agent, or your appraiser, it is listed at the wrong price to attract offers.

Price reductions, price improvements, price adjustments, it doesn’t matter what you call it, not many people want to hear about lowering prices except a buyer. In slow markets and buyer’s markets, it’s not unusual for sellers to point fingers at the agents and ask: “Why don’t you do more to sell my property?” And that is an extremely good question to ask your agent.

Before reducing the price, ask your agent these questions:

1. How much exposure has your listing received on their website? How many hits?

2. What brochures and marketing material have been produced and have you, the seller, approved them?

3. What kind of direct mail campaign has been launched?

4. Has an open house been held?

5. How does the house show online? Do you, the seller, like the pictures?

6. Is your signage in a prominent location, and does it display a phone number?

7. Is there a video of your property published on their website?

8. What kind of feedback have you received from agents and buyers?

9. Is there a consistent comment coming up that you should be aware of?

10. How many showings have you had?

11. How many offers have you had? Why didn’t they work out?

It is standard practice in our office to provide written monthly activity updates to all sole listing vendors, and I also ask them to consider a very important question ... are you motivated to sell?

1. Maybe you don’t have to sell. This is not the time to “test” the market. It is tough out there. While your listing agent will work hard to do the best job possible, they need the “buy in” of both buyers and other agents to show your property as well.

Agents work only on commission and do not get paid unless they sell a property. Therefore, agents will be motivated and use their time and resources to push properties that they believe are “saleable” … ie, within a small margin of the true market value.

2. It makes no sense to put an overpriced home online. After an initial buzz the buying public will realise that although it is priced at the point in which they are looking, it falls short of the size, location, condition, and amenities that they are looking for.

This is known as “missing your market”.

If you’re not motivated, you might be better off renting your house or staying put until the market starts strengthening.

A famous realtor once said, “If a seller does not conform to the marketplace, that person is not a seller. That person is just somebody with a sign in the yard.”

• Heather Chilvers is among Coldwell Banker Bermuda Realty’s leading sales representatives. She has been working in real estate for 25 years. If you have a question for Heather, please contact her at hchilvers@brcl.bm or 332-1793. All questions will be treated in confidence.