Overpricing a home leads to damaging effects. In fact, the most common reason a home doesn’t sell is due to its price. Furthermore, the probability that you will end up with less money from pricing your home too high in the beginning is astonishing. Here’s a few signs that your home price may need some adjusting.
- Priced higher than your neighbors
Often times, home values in most neighborhoods will be relatively consistent and similar. If your home is priced much higher than neighboring homes, it is probably overpriced. Real estate agents complete a comparative market analysis when determining your home’s value. Avoid this potential overpricing problem and contact us today for your free analysis.
- Little to zero showings
Listing a home stirs excitement in all sellers. Seeing your home advertised all over the internet and social media brings proud and happy feelings. But when weeks pass and there have been a few or even worse, no showings, giddy sellers turn into very concerned and frustrated people.
- No offers
Maybe you have had a few showings and things seem to be going well, but for some reason you just haven’t received an offer. Generally speaking, homeowners should receive at least one offer within the first two weeks on a correctly priced home.
- Low internet traffic
In just the past 10 years, the internet and social media have revolutionized the real estate industry. Majority of homebuyers search online before even talking to an agent. Once they find a home or two that looks good online the homebuyers contact either their agent or the listing agent to schedule a showing. If your home is experiencing little to no internet traffic along with few property inquiries, you may want to consider adjusting the price.
- Neighborhood homes are selling
Although comparable homes in the same neighborhood usually sell for around the same price, don’t get sucked into the, “well my neighbor’s house sold for $200,000 and my house is so much nicer.” Chances are that if neighborhood houses are selling but yours is not, the home is overpriced.