We all want to get the highest price when we’re trying to sell our home. As a result, homes are often overpriced and run the risk of sitting on the market for too long or not get sold at all. Here are 10 signs that your home is priced too high.
#1 Similar homes on the market are getting sold fast except yours
This is not just about your neighbors are getting lucky. It’s probably because their homes are priced just right that’s why they’re laughing all the way to the bank right now and you’re not.
#2 You haven’t received any offers
Another sign of an overpriced home is not receiving any offers no matter how much you spend on your marketing efforts.
When you are not receiving any inquiries, expect the same for home viewing visits. A home priced too high don’t create too much attention and is generally avoided or ignored by homebuyers.
#4 Low turn-out during open houses
Being ignored by home buyers also means low turn-out during open houses. Why would home buyers bother taking a look at your house when they know it’s overpriced?
#5 Very low response rate on the online listing ad for your home
An overpriced home receives a very low response rate with regards to their online listing. Homes priced much lower generally get most of the attention.
#6 You have prospective buyers tell you your home is overpriced
When you receive calls or messages, people tell you that your home is priced way too high.
#7 You’re receiving low ball offers
If ever you receive offers, they’re way too low that lies on the border of being unrealistic.
#8 Your home’s listing is expiring in a couple of days
Listing your home means selecting a time frame for which the agreement is in effect. If you opted for a 3-month contract, your home is still not sold and the agreement is about to expire in a couple of days.
An overpriced home is not going to get sold fast. If you tried to sell your home earlier in the year, say spring, winter is fast approaching and signs point out that your house is not getting sold anytime soon.
#10 You hired the wrong agent
You probably hired the agent who offered to sell your house at the highest price. Agents do this in order to get a client to work with them without ever realizing the negative consequences of an overpriced home.