10 Signs That Your Home is Priced Too High

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. 

#3 No requests for home viewing visits 

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. 

#9 Your house has been sitting on the market for 6 months or so 

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. 

What differentiates a Realtor from a Real Estate Agent?

The general public perceives that all Real Estate Agents are the same. That perception is wrong. This article aims to correct that notion by clearly distinguishing the similarities and differences between a Realtor and a Real Estate Agent. After reading this article, you should have a clearer picture of what is a Realtor and how they differ from an “ordinary” Real Estate Agent.  

Let’s start with the similarities.  

  • Both Real Estate Agents and Realtors help their clients buy or sell Real Estate Properties. They guide their clients navigate through the complicated transactions until a deal is closed. 
  • They both need licenses in order to conduct their business operations legally.  
  • They are private contractors and only earn money in the form of commissions if they can successfully close a deal.  
  • No deals closed means no money earned. It’s in the nature of their jobs. 

Now, the main difference between a Realtor and ordinary Real Estate Agents.  

  • Realtors are Real Estate Agents who belong to the National Association of Realtors. 

So, what makes a Realtor so special as compared to any other “ordinary” Real Estate Agent? 

Realtor is the title given to Real Estate Agents who choose to become members of the National Association of Realtors. Just like the title of Doctor given to individuals people who go on to practice the Medical profession for a living. The title of Attorney is given to individuals who wish to practice Law. 

Doctors, Attorneys or Lawyers, or Engineers abide by a code of ethics that guides them in the way they do their work. Failure to comply with their respective code of ethics means revocation of their licenses. Once their respective licenses are revoked, they can no longer practice their profession legally. 

It’s the same with Realtors. They must abide by the National Association of Realtors‘ strict code of ethics so as to remain a member of their prestigious organization. The group has been established for nearly 100 years. The code of conduct is updated regularly to meet the needs of our changing society. This is to ensure that Realtors continue to conduct business up to the highest standards. If a Client lodges a complaint about the way the Realtor conducted business, he could get punished for his actions and lose his title and privileges that go along with being a Realtor if found guilty of such charge.      

So, if you’re planning to make any Real Estate move, you could not go wrong if you plan to work with your local Realtor. You’ll have peace of mind knowing they are held responsible for their actions. You can bank on their experience as they have access to useful resources that “ordinary” Real Estate Agents don’t have. 

Allow me to ask you these questions now that you know your better option. Which would you prefer to help you the next time you make your move in the Real Estate game? A Realtor or an “ordinary” Real Estate Agent?  

I hope you make the right choice. 

How To Predict Real Estate Prices

The price of your real estate property depends on its value. The value of the property can be both subjective and objective at the same time. The subjectivity lies on the likes and dislikes of the buyer which can be based on his emotional requirements. The objectivity of attaching a price tag to your property depends on the market condition, comparison with other houses in your neighborhood, trends and forecast, mortgage interest, and house condition.  

Value can also be related in a moment in time. For instance, the buyer can gauge the value based on how much money he currently has, or what time of the year they go out and look at your house.  Here are some pointers that are true in determining the price: 

  • Prices fluctuate; it cannot be the same forever. They go up or down, depending on many factors;
  • Value is a dependent concept; it depends on what person wants to buy;
  • Agents and sellers can set the price but it’s the buyer that determines the value. You can change the price every day but in the end, you are not the person who can tell if the price is worth the value of the house. The buyer has the last say if the price is right.

So, how can you predict real estate prices?  The price is determined by how much the buyer is willing to pay in today’s market. He will set the price after comparing it to other houses in the same neighborhood. But the truth is he will not compare it to other houses if he doesn’t like it in the first place. The price of the comps that are sold the day the buyer shops is the most critical factor in determining what price is he willing to buy your property. 

It’s important that you know you are not the only one selling homes for sale in rancho santa fe. The number of buyers is limited and you want to give the best deal if your home is chosen.  Selling a house is like a race, you need to find the right buyer as soon as you can before someone else takes them. Once you find the right buyer who settled for the price that you want, that’s the time you can say that you win the race.   

Another way to predict the price is to know what’s going on in the market. For instance, if your competition drops their prices $10,000, then your house is marked overpriced. Pay attention to value movements in your marketplace since it also determines how much your house will cost.