1. Compare The Neighborhood Prices
So you have chosen to sell your house and have moved to the question of how much should you price it, your checklist should include comparison of the houses in that area. There will always be different variables to consider but bear in mind that if one home stands out, in terms of pricing, above the others for no particular reason then it is most likely overpriced. For example: 2 houses in the same area, with the same 3 bedrooms, 2 baths and a backyard but 1 one $50,000 higher then this should be a red flag. Sure, some would have considerable size differences like a personal tennis court but keep in mind that such amenities would more often than not actually make a property less desirable. This is mainly due to differences in people’s taste. One may actually like playing tennis, but the buyer may not.
2. Difficulty In Getting Offers
Again, many variables should be considered for this. It is more difficult to sell high-end properties compared to moderately priced ones. What needs to be considered is the continuous interest in a property. A property should at least receive views and showings in the first two months since it is placed on a market.
So with this, there are two things you should also watch out for – First, overeager buyers will most likely show that your price is too low and second, competitive bids are more likely an indication of a correctly priced home.
Under this factor, difficulties in getting a realtor can also be considered. Experienced realtors can generally assess the correct value of a home right off the bat, and if they see that a house is overpriced they may turn it down. Realtors earn by commission and if a house is overpriced, there’s less money to make. In addition to this, it would also be very difficult to sell. So if the seller is going through multiple listing agents and finding a realtor has become a challenge, it is most probably because their house is overpriced.
3. No Scheduled Showings
If it has been 3 months since the property has been listed on the market and there aren’t any showings then this should be of concern. As soon as the home is listed, there should be at least a few appointments for showing. And if there aren’t any, it could be because local buyer’s agents aren’t considering the property and thus not showing them to their clients due to the price being too high.
If the given factors above are observed in your property that is being for sale, it is important to reconsider the price and to act quickly to maintain or gain interest in your property. Selling your home at a very high price may give you financial advantage in the short run, but a lot of headaches and possibly higher expenses due to an extended wait time in finding the right buyer.
If you are planning to sell your home, let The Incorvaia Team make the process as easy as possible for you. Call us today!