7 Signs Your Home is OVERPRICED!
Wondering why your house isn’t selling? Wondering if your home is overpriced? Fed up and scratching your head?
We’re Here to help!
While the market is very active here in central Kentucky and nationwide, homes occasionally will have for sale signs in their yards for more than a month. All too often, it’s because the home is overpriced for the area or condition the home is in. Here are some signs your home is overpriced…
1. Your price is well beyond the price of other homes in your area
If you take a look at similar homes for sale in your area, and the price of those homes are well under what you are asking, it may be time to re-evaluate. We know…it’s YOUR home, you love it, have memories there, and have put in a lot of sweat, blood, and tears to make it nice, but balancing emotion with reality can be tricky. Try to take a step back, look at the facts, consult with your agent, and make some decisions! Remember, there are buyers out there for EVERY home…if the price is right!
2. Few or no showings!
HOT houses have a HOT demand for showings! If your foot traffic is trickling off, or you haven’t had a request in a few days/weeks, it may be time for a price reduction! However, with the click of a button, your home could be brought to the front of the line for interested buyers!
3. Poor turn out at open houses
Remember, no matter the house, not EVERY open house is going to be a hit. One slow open house isn’t the end-all be-all, however, if your home just hit, and doesn’t have many people through the door at your first open house, take a step back and consider the feedback! What are the areas of opportunity for change? Was the weather poor that day and inhibiting buyers from coming out? Are other homes around you featuring granite and brand new kitchens, while yours is straight out of the 60s and priced the same? Then you may consider that your home is overpriced.
What is the feedback from your showings and open houses? What are the features of your home that viewers like and dislike? Many times, buyers will love a home, but it may be slightly off target of their budget. If that, or comments like that, are something you hear often, it’s time to talk with your agent about a price reduction!
5. Your neighbor’s houses are selling, but yours hasn’t
Seeing a lot of “SOLD” signs nearby? Chomping at the bit to get yours?! It’s extremely important to do business with an agent who is knowledgeable about the local market, and the comps in your area. Pay attention to the differences between your home and a “sold” home, if the differences are things that can be helped, you then know where your starting point is!
6. Slow internet traffic
Getting plenty of “LIKES”, comments, direct messages, “SHARES”, and so on? No? If your online listing isn’t buzzing, you have one of two problems (or maybe both): Either an agent who isn’t proactively marketing your home properly, OR your price is probably not of interest to many buyers! The internet is WHERE IT’S AT now days, so online presence can make or break you in this competitive market!
7. Low-ball or no offers
Who do these buyers think they are?!?! Putting in such low low offers like that?! Well, if your home is overpriced, many low offers can be a sign.
Finding an agent who will work hard to get your home sold cannot be overstated! Let us show you how WE do this!→ NEW HOME COLLECTIVE