Of course no seller wants to underprice their home because it means they’ll be losing money on the transaction, but overpricing your home can be just as detrimental financially as underpricing it. Listing your home for sale at too high of a price can result in less offers, a longer time spent on the market, and can require more money, time, and energy from the sellers than a properly priced home.
Here are some signs that your home is overpriced:
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Your home is priced similar to surrounding homes that are for sale as opposed to homes that have sold
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You did not take into account market trends in the area before pricing your home (perhaps you thought your home would be exempt from market trends? It’s not-sorry!)
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You priced your home based upon improvements, updates, and upgrades you’ve made to the home
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You used an appraisal that was 3 or more months old to decide on your price
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You haven’t received an offer on your home even after having several showings
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Your home has been on the market for more than 6 months
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Your real estate agent did not/ does not agree with your asking price (and perhaps refused to list your home)
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No potential buyers come to your showings even though you’ve marketed your home for a showing. This means that your price and your home have been “rejected” from the local market.
These are just some of the telltale signs of an overpriced home. If you think that you may have overpriced your home it is important to talk to your real estate agent so that they can help you reevaluate your home’s worth and help you decide upon the right asking price. The right asking price can help you get your home sold quicker and can ensure a fair deal for both the buyer and seller, so talk to your agent before pricing your home!
Call me for more information on how not to overprice your home.
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