When home seller put their house on the market, ,they want to ge the highest price while homebuyers want to gete the best deal. If your home is priced much higher than its value, it could remain on the market for months. The longer your house is on the market, the more prospective buyers will start to think there’s something wrong with it. In this article, we will show you the signs that your home may be priced too high.
Neighboring properties are priced lower
Selling a home can be emotional. Often, high listing prices are the result of sellers adding sentimental value. It is important to consider the listing price your real estate agent suggests. They have looked at final sales prices of comparable homes in your neighborhood before determining the value or your home. If your home is priced above neighboring properties, you could very well be asking for more than what your home is worth in the eyes of prospective buyers
If your real estate agent suggests a price, don’t pressure them to list your home at a higher value.
Still no offers after a couple of months
If you haven’t received an offer after a couple of months, don’t panic. There are many factors that may deter prospective homebuyers from making an offer. One possibility is that your listing price is too high. If it has been a couple of months without offers, you may want to rethink the current asking price.
Tip: Search “What is my house worth?” online and use an online appraisal tool to get an estimate.
No showings
There are many reasons that could deter showings, such as the neighborhood or lack of activity in the housing market, but if your home is priced properly, there should be interest. Determine if your real estate agent is doing everything possible to promote your listing. If they are and you’re still not receiving any showings, it could be that your property is priced too high.
Tip: Check the activity of homes for sale in the neighborhood to determine if the market for your area is the problem.
You hired the real estate agent who recommended the highest price
Before hiring a real estate agent, it’s beneficial to interview at least three. Their recommended listing prices will usually be similar, as experienced and professional real estate agents will consider several factors before determining your home’s value. If you didn’t interview multiple agents, or you hired the one that recommended the highest price for your home, this could be a tell-tale sign that it is listed above its value.
Tip: If several realtors recommend listing at a lower price, consider it the right price.
The home’s value does not hold broad appeal
Just because a property has unique amenities doesn’t mean they have broad appeal. You may have listed your house higher because of an indoor pool or outdoor tennis court, but these are specific amenities that not everyone wants in their home. Prospective homebuyers won’t always see the value of customized amenities, especially if they have no interest in them.
Tip: Determine the value of your home, sans the unique amenities, to determine if a lower listing price would be beneficial
Your listing price can make or break a sale. Consider these five signs that your property is listed higher than its true value, and readjust as needed. It’s important to act now in order to sustain interest.
