Home is such a place where you experience all the possible emotions. Right from the exhilaration of grabbing a job to the gloominess of your first heartbreak, it’s home that keeps you benign and confined, away from the world. However, when it comes to selling your precious home, it is crucial to set an adequate price right from the beginning.
Anything too high can lead to delay in acquiring a good buyer and anything too low may end up pushing you in a major loss. So, if you are planning to sell your home, there are few signs that would tell you that your home is priced too high.
1. You Haven’t Received an Offer
While listing your home in the real estate market with a huge board stating – sell my house fast for cash, it is obvious to expect the first buyer as soon as possible. Generally, when the price is appropriate, you may anticipate a buyer approaching you within first two to three weeks. However, even if you didn’t hear from anyone after months, then know that your house costs too high for anyone to consider.
Even if a buyer contemplates your house to be affordable, there are always competitors, with less price, trying to lure those who showed an interest in your house. Hence, it becomes quite difficult to convince them otherwise.
But, hold on! Don’t sweat it. This might not be the similar case for everyone. Sometimes, it even takes years to sell a high-priced home. So, you may have your chances yet.
2. Your Home Is Priced Much Higher Than Your Neighbors
Usually, in a certain area, prices of houses in USA would be relatively closer or consistent. Another sign to find out whether your home is overpriced or not is by finding out the rates of other homes on sale within your proximity.
One of the most general methods used by real estate brokers to assess the value of a home is by conducting a comparative market analysis. This analysis tells them the details of houses sold in the last 6 months in a particular area and in its neighborhood. So, if your house is listed higher than that of your neighbors, then it is obvious that the agent you contacted didn’t conduct a profound analysis, which eventually leads to overpricing of your house.
So, before you believe a broker completely, it is recommended to indulge in a thorough research. Know about your area and the homes sold there. Check out their values. And then, estimate your house’s value before going to an agent.
3. You’ve Had Very Few or No Showings
When you first list your home on a selling list, it is quite obvious to get overwhelmed with the entire process of approaching and showcasing your prized possession. The fact that your home is going to go on the internet or the word will be all around the city is fascinating. However, nothing beats the disappointment that follows when you get to know that there have been fewer or no showings.
If this seems to be true in your case as well, then you must cross-check for the price of your house. Chances are – your house is overpriced, and brokers are avoiding showing it to their clients. If it’s been a few weeks since you’ve listed your house and there hasn’t been enough activity, then try adjusting your price a bit.
And even if after a month, you are unable to grab satisfactory showings, then you must consider lowering down the price.
4. Website Visitors Are Very Low
Since the last decade or more, the internet has modified almost every other industry, including the real estate. Today, more than 90% of buyers research and find a home on the web before contacting the seller. When they like a house on home listing apps, they immediately contact either their owners or agents.
So, how home listing sites show whether your house is overpriced or not is by providing you the results of property inquiry. If you are in touch with a professional broker, then you can easily find beneficial information, such as the number of leads, statistics of traffic, total money spent on promoting your house online, number of phone calls, and more.
So, find the reason behind fewer inquiries. If everything seems fine, then the problem would be in the pricing of the house.
5. You Hired the Agent Who Suggested the Highest Price
Regardless of the country or city, a real estate market generally has thousands of brokers or agents, promising you by stating – we buy houses for cash. When you hire an agent for your house selling, it is imperative to ask certain questions to understand whether he is trustworthy and experienced in his work or not.
One of the important things that you must keep in mind is not to stick with one broker. Try approaching a few of them and ask for the price of your house and the reason behind their respective values. If one agent out of the lot quotes it higher, try to get to the reasons instead of believing him instantaneously. If you believe him blindly, chances are you may end up causing a big trouble for yourself.
6. Neighbors Homes Are Selling & Yours Is Not
One of the most exasperating experiences is to realize that your neighbors are getting good deals and they sold their houses while you are still trying to fix up meetings with leads. Again, this can be a major sign for high prices of a home.
In this context, people generally tend to forget that there are several factors that contribute to the selling of a house. So, whenever you compare your home with that of your neighbors, there are few things that you must keep in mind, like:
- Style of the house
- Space of the house
- Amenities integrated into the house
- Location of the house
- Mechanics of the house
So, if the houses in your neighbors are selling at a faster pace and yours is not, then, well, you know what would be the reason, right?