7 Signs of an Overpriced Home
There is one major indicator of an overpriced home. It does not sell. Why is it overpriced? There must be something wrong. Hmmm. It does not mean when something is overpriced, does not mean it is definitely wrong with it. Sometimes, there is too much right in it that turned out to be bad because of the location of the property. So if you are a home buyer or seller, you can always learn from this article.
Here are 7 signs of an overpriced home:
- The neighboring listings in the area are sold for a lesser price.
The market value of a property depends a lot on the area that it is located in. If the house is located in a commercialized area with great features of amenities, normally the property would sell higher than any other. Why? Convenience. People will pay comfort and convenience.
Another reason is as simple as supply and demand. The price of your home should gravitate higher when there is a demand for something but the supply is low. Regardless of the reason that your house just got some upgrades to make it more appealing to the eye, if the market is cold, there is no chance that you’d sell your home more than 10% of the right price.
- False promises from a real estate agent.
Okay, let’s get real here. Did your real estate agent promise you to sell the house at top-dollar? Yes, this is actually possible in many ways. But what he does not know is it goes with strategies and negotiation skills. Make sure to check your agent’s portfolio before signing up with them. Who you work with matters a lot.
- The property does not sell.
Has your home been listed for more than 6 months? It is time to reconsider if your home is overpriced or simple, your agent is not doing the right marketing strategy to sell your home. Your home might be beautiful, but if your realtor set off a wrong price with the wrong approach, it is never wrong to consult a second opinion.
- No showings.
If you find yourself waiting for people to see your house in a span of a month or two, there must be something wrong with how they see your home. Supply and demand. Make sure you are selling a home that is in need not what of what you want. Don’t get us wrong, it can be sold. Only if you work with the right people to sell your home.
- They throw a really cheap offer.
You are selling the house for $500,000 and you get offers of $300,000 to $350,000 tops in the span of 3 to 6 months. You might want to consider toning down the price and do some research if you are selling it at a right price or is your realtor selling it at a wrong price. Do your homework
- A deep emotional attachment
Over the years, homeowners have done everything in their power to keep the home in shape and beautiful because of unforgettable memories. Just when they think it’s time to sell, they put a price on it’s value, not on the property. These kinds of sellers are the most difficult to deal with. They will choose the right person who deserves the house by paying the amount they set as is.
- Your property is not recognized.
There are two major reasons why your property does not sell. The wrong marketing strategy or the price. If your property is not visible online (where everyone is 90% of the time these days), then your home is not marketed right. This should be the job of your real estate agent. To find your buyer and to market your home the actively.
In these circumstances, you will obviously see, why a great and reliable real estate agent is beneficial and convenient. At the same time, you will see how a real estate agent can be a pain.
Who you work with matters. Know how they work. Let them show you’re their past sales and revenue for the years, see how much they sell and how they take care of their clients.
Consult a real estate expert with Nexus Realty. Seattle’s Premier Real Estate company. Call us at 425-429-7880 or visit our website at www.mynexusrealty.com