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Listing a home for sale can often be a waiting game. You wait to hear that phone ring, then for the right offer. After that, you wait for the closing date. If these milestones aren’t happening right away, you can’t help but wonder, “Is there something wrong with my house?” Perhaps your home is just a tad overpriced. Here are 8 telltale signs to recognize if your home falls into such a category.
1. The optimistic agent
When you put your house up for sale, it’s a good idea to enlist the help of an experienced Realtor to assist in the process. If you chose the agent that suggested the highest list price during your interview process, then you may be overshooting the house’s value.
2. The loner
If your home accompanies a landscape of “For Sale” signs, but seems to be the only one not moving along in the market, then you may have overshot your home’s value. Keep in mind that some upgrades may not be worth the thousands of dollars added to the listing price. Stay realistic on what your home is worth. Otherwise, you may be the last one standing on your block for quite some time.
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3. The empty house
When you host an open house, you’ll hopefully have several visitors. If your open house is unsuccessful and people aren't attending, that's a sign that your home's high list price is driving away potential buyers.
4. The high-baller.
Standing out in terms of price is not a good idea. If your home is higher priced than all the others in your neighborhood, it may be too high.
Quick Tip
Your Realtor should pull something called a Comparative Market Analysis. This list will give you a baseline on what the best list price is for your specific home.
5. The absent offer
Your house has been listed for quite a while, but not a single offer has come through. This is a sign that your house is overpriced. Dial it back to get more offers and have a bigger pool of potential buyers.
6. The silent phone
We all look forward to hearing that phone ring because that means both showings and offers. However, if your phone isn’t ringing with showings to schedule, take it as a sign that the price tag may be too high.
7. The critical feedback
When a Realtor shows your home, they hear the opinions of potential buyers and other agents. You may be literally hearing “This house is too expensive,” which of course is a sign that your home’s price needs to be adjusted.
8. The traffic is low
We have the World Wide Web and local real estate magazines at our fingertips, and these serve as wonderful real estate tools. Many buyers will peruse listings and pictures online before seeing a home in person. If your house’s online listing isn’t getting clicks, then the asking price may be too high and is discouraging views.
In a competitive real estate market, competitive pricing is important. Look for these signs and adjust your list price accordingly for a successful sale!
Sources: Investopedia.com, ABCnews.com, maxrealestateexposure.com
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