There are several reasons why a home might not sell. A big reason and most often the main reason is always price. If you overprice your home you could miss out on a lot of buyers. If you under price it then you miss out on money in your pocket. Look for the right price or the “sweet spot”. But do not overprice your home.
Your home might be overpriced if...
1. No showings - You are marketing your home online everywhere and you are getting no showings. This is a huge sign your home may be overpriced. It could also mean that your home is not being marketed properly. No matter what, take a look at both to see what the problem may be.
2. Did not agree - Your real estate agent did not agree or maybe warned you that your home should be listed at a lower price. Or maybe you interviewed several agents until you found one who agreed to list it where you wanted to.
3. Market time - Your home has been on the market for 6-12 months or longer. Either you truly have a very unique home that attracts a specific, unique buyer or your home is overpriced.
4. Improvement Costs - You priced your home based on how much money you put into it over the years.
5. Find the “right” buyer - You believe that you can leave your home on the market at a specific price and the “right” buyer will come along.
6. I don’t need to sell - You listed your home to see if anyone would bite at that price. If it sells it sells, if it doesn’t you’re OK with that.
A few ways to avoid the headaches that come along with overpricing your home are to...
Be realistic on the price and the market
Listen to your real estate agent
Don’t ignore that statistics
Don’t ignore showing feedback
Don’t ignore the warning signs
If you do not have any showings or hardly any showings the first 2-4 weeks, you might want to consider reducing the price. Depending on your market and the time of year you might want to adjust the price of your home.
Talk to a real estate agent about pricing your home properly. I am happy to help!