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Is Your House Overpriced
Dated: July 31 2016
A house that is priced correctly gets activity (showings) and offers. Do you have your house listed and no one is showing it? Or it is being shown but no offers are coming in? Or offers are coming in but they are "too low?" Common sense and logic would say that the house is overpriced. Here are some other signs that indicate your house is overpriced
The price is higher (significantly so) than similar listings in the neighborhood and surrounding area
The Realtor you hired is the one who said it was worth the highest price
There is little traffic to the online listing or there is little activity once people see the online listing
The house has been personalized (sometimes at great expense) to your taste but those items don't have "universal appeal" or value to buyers
Feedback from showings indicates that price is the issue (or one of them)
The listing has expired after 6, 9, 12 or more months and it still hasn't sold
Competing listings within the area ARE selling
Add in the 3 that were given in the opening sentences: No showings, No offers, Low offers and you have 10 signs that your house is overpriced
As yourself this question: If you wouldn't look at an overpriced listing, why would any prospective buyer do so? And why would their Real Estate Professional allow them to?
Bottom line: If the objective is to get the house sold, it is going to have to be priced properly in order to accomplish the objective.
I am a Licensed Real Estate Associate Broker and work full time helping people to achieve their dreams of home ownership or their dreams of selling their home or both. I love working with buyers and s....