Every seller wants to sell their home as soon as possible, for the best price, and with the fewest hassles. Likely, you're not much different.
However, did you realize that the asking price for your house is one of the main factors that could put your success in jeopardy? One of the most important aspects of selling your home is setting a fair price.
So how can you tell if you're falling short? Here are four indications that buyers may be turned off by your high asking price, along with the reason why consulting your real estate agent is the best course of action.
Signs That The Price Of Your Home Is Too High
1. You're Not Receiving Many Offers or Showings
A lack of showings is one of the most obvious indicators that your home might be overpriced. It may be a glaring sign that the pricing isn't what buyers are expecting if it's been on the market for a few weeks and very few people have gone to look at it, or worse, you haven't had any bids.
Since long-term buyers can quickly identify—and discount—a home that appears to be overvalued.
You may rely on your real estate agent's experience to guide you through this process and get advice on potential strategies to attract more buyers, such as lowering your asking price.
2. Following showings, buyers consistently provide negative feedback
You might need to change directions if the remarks from the prospective purchasers you do have after the showings aren't too positive. Remarks from viewings are a crucial component of knowing how potential buyers view your home.
If customers frequently comment that it's too expensive in comparison to other properties they've visited, you should reevaluate your pricing approach.
For you, your realtor will compile and evaluate this input so you may see how your home compares to others on the market. To better support your asking price, they can also recommend staging adjustments or particular enhancements, or they can suggest one that is in line with what buyers demand these days.
As the National Association of Realtors (NAR) explains: “Based on all the data gathered, agents may make adjustments to the initial price recommendation. This could involve adjusting for market conditions, property uniqueness, or other factors that may impact the property’s value.”
3. It's Been Too Long on the Market
In the end, this lack of interest will cause it to remain on the market without receiving any significant bites. Buyers are more likely to have concerns about it and wonder whether there is a problem with it the longer it remains on the market.
A lengthy listing duration indicates that your home is stale, which makes it even more difficult to sell, especially in the current market with rising inventory.
In addition to showing you what strategies have worked for past sellers, your real estate agent can offer you insight into how quickly other homes in your neighborhood are selling. In this manner, you can jointly determine whether there is anything you would like to change.
According to a Bankrate article: “Check with your agent about the average number of days homes spend on the market in your area. If your listing has been up significantly longer than average, that may be a sign to reduce the price.”
4. The House of Your Neighbor Sold Without a Problem
This is the final one to be cautious with. Similar homes in the neighborhood selling more quickly than yours are a dead giveaway that something is wrong. This may be the result of factors like antiquated features, a less appealing location, or a lack of updates -- or simply because the price is too high.
Your realtor will inform you of any changes necessary to make your home more competitive, as well as information about your competitors. They'll provide guidance on minor improvements that can improve the curb appeal of your house or how to modify your approach to take into account the current state of the market.
Do You Need A Realtor For Pricing Your Home Correctly?
Pricing your home correctly is crucial, and a realtor is your best ally for getting it right. Here's why:
- Market Expertise: Realtors have deep knowledge of the local market and a grasp of neighborhood trends, recent sales, and buyer behavior. They can help you avoid overpricing or underpricing, ensuring you attract serious buyers while maximizing your profit.
- Comparative Market Analysis: A realtor will perform a detailed analysis of similar properties (comps) to determine a fair and competitive price, giving you a strong starting point.
- Strategic Pricing: Realtors use their experience to position your home at the right price point to generate interest quickly, reducing the risk of your home sitting on the market too long.
- Negotiation Power: Pricing isn’t just about the listing—realtors help navigate offers and counteroffers, ensuring you stay competitive and get the best possible deal.
With a realtor's expertise, you can confidently price your home to sell fast and at the best value.
Appropriately pricing a house is a combination of science and art. It requires a thorough comprehension of consumer psychology and the market.
Your agent is the best person to consult when the price isn't attracting buyers for advice on what to do next.
And when you want the best, our team at RE/MAX Advanced Realty is one call away. Dial 317-316-8224 so we can assist you today!