Signs That Your Property Is Overpriced
The price of a property is one of the most important considerations for potential buyers. That's why, if you are selling a house, you should be careful not to overprice it out of the market. Unfortunately, if you don't do your research well, you can end up overpricing it without knowing. Therefore, if you are selling a house, you should suspect that it is overpriced if the following factors apply:
Neighborhood Homes Are Selling For Less
Find out how much similar houses are selling for in your neighborhood if you didn't do this when setting your property's price. If they are selling for a lot less, then it's likely that your home is overpriced, and not that the other houses are underpriced. You should especially suspect that this is the case if you have been justifying your price to potential buyers with weak claims such as the nice unit number of your property or the view (that isn't so great).
You Have Only Received Lowball Offers
Most buyers are informed, which means they will do their research and consult real estate agents before making purchase offers. Therefore, if you are receiving offers that are way lower than your asking price, then the buyers probably think that you have overpriced the property.
The Property Has Been On the Market for Long
You should also suspect the pricing if your property has been on the market for a long time. Of course, there is no exact time a property should spend on the market; and the average time spent by properties on the market fluctuate based on different factors such as the real estate market, season, economy and many others. However, if you have advertised your property properly (think online listings, social media, and print classified) and its still on the market while similar ones have sold, then you should consider reviewing your price.
Offers Are Hard To Come By
In some cases, a property can be on the market for a long time if there is something wrong with it or if the real estate market is tanking due to external factors. However, you still need to see people coming to view the property, asking about it, and making offers (even if they are lower than your price). Therefore, is none of these things, then your high price is probably keeping away potential buyers.
A realtor can help you avoid overpricing your house out of the market. Even if you didn't involve an agent when coming up with the original price, you could consult one to help your revise the price.