How to Know If you Have Priced Your Home Too High?

Do you want to list or sell your home?

A high (wrong) price may alienate interested buyers before they even take a real look at your property. The following 10 are indicative signs of an overpriced home.

Top 10 ways to tell if your are overpriced

1. Neighborhood area homes are much less than yours
Although some differences in pricing a home are inevitable due to the quality and size of the house, a huge difference in price is an absolute red flag. You must reconsider the price you are quoting for your property in case such a difference exists.

2. Very few or no showings
If people perceive your home to be overpriced, they may dismiss the idea of even showing up at your property. A low showings scenario means that you need to adjust the price to a more realistic one.

3. Limited page visits on listing websites
If you get very limited Internet traffic on your property relative to what other properties in the same category may be getting, it is a strong indication that your prices are not tempting enough to buyers.

4. The scarcity of offers, or no offers.
Ruling out other reasons like a bleak overall market, a lack of offers for your property over a considerable time period means something is amiss in your quote. A fair price is one of the most essential factors based on which a buyer expresses interest in a property.

5. Other homes in the neighborhood are selling out much faster than yours
Keep a tab on the purchase and sale of residential property in your area. If others are selling significantly faster than yours, a wrong price could be a highly likely reason.

6. You have an open house but the response is dull
An open house should usually get a strong response. If yours ends up particularly low , focus your attention towards the price , it may not be what buyers are expecting.

7. You chose the agent who quoted a much higher price for your property than what the others were offering
Some agents out there are trying to make fast profits at your expense and try “buying” your listing; beware of this method. Go for a genuine agent whose prices aren’t just tempting but are also pragmatic.

8. You receive low ball offers
When a buyer bargains for a better price which is significantly lower than your initial quote, you may have committed a folly in pricing. It’s normal for buyers to bargain a little bit for the best deal, but a number of buyers subtly suggesting that they find your house overpriced is a sign to be taken seriously.

9. Months pass and your listing expires without any substantial offers
If you have begun to get rather anxious about not getting any decent offers over a span of months, a wrong price may be acting as the deterrent. This holds particularly true when the market otherwise is ripe.

10. You get feedback of your property to be overpriced
Requesting feedback at all sources possible is an excellent way of finding out if all is well with your home pricing. Once you get it, analize it thoroughly to find out buyers’ opinions.

Start with the right price for your house, or you might ultimately end up selling it for even less than what the right price would have been!

 

About the author: © Hawaii Real Estate Team