How to Know If you Have Priced Your Home Too High

For non-professional property sellers, pricing a home right is a task requiring thorough research and guidance. The thing just worse than selling your home off for less than it deserves is quoting a price way more than what it can realistically fetch. A wrong price may alienate interested buyers before they even take a real look at your property. The following 10 are indicative signs of an overpriced home.

1. Neighborhood homes are much cheaper than yours

Although some differences in pricing a home are inevitable due to the quality and size of the house, a huge difference is an absolute red flag. You must reconsider the price you are quoting for your property in case such a difference exists.

2. Very few showings

If people perceive your home to be overpriced, they may dismiss the idea of even showing up at your property. A low showings scenario means that you either need to market the home better or you need to regulate the price to a more realistic one.

3. Limited page visits on listing websites

If you get very limited Internet traffic on your property relative to what other properties in the same category may be getting, it is a strong indication that your prices are not tempting enough to buyers.

4. The scarcity of offers

Ruling out other reasons like a bleak overall market, a lack of offers for your property over a considerable time period means something is amiss in your quote. A fair price is one of the most essential factors based on which a buyer expresses interest in a property.

5. Other homes in the neighborhood are selling out much faster than yours

Keep a tab on the purchase and sale of residential property in your area. If others are selling significantly faster than yours, a wrong price could be a highly likely reason.

6. You keep an open house but the response is dull

Open houses are a good way of accelerating the process of property sale. An open house session kept on a good time and day of the week should usually get a strong response. If yours ends up particularly low on footfall take your attention towards the price you're quoting - it may not be what buyers are expecting.

7. You chose the agent who quoted a much higher price for your property than what the others were offering

Some agents out there are trying to make fast profits at your expense; beware of this clan. Go for a genuine agent whose prices aren't just tempting but are also pragmatic.

8. You receive low ball offers

When a buyer bargains for a better price which is significantly lower than your initial quote, you may have committed a folly in pricing. It's normal for buyers to bargain a little bit for the best deal, but a number of buyers subtly suggesting that they find your house overpriced is a sign to be taken seriously.

9. Months pass and your listing expires without any substantial offers

If you have begun to get rather anxious about not getting any decent offers over a span of months, a wrong price may be acting as the deterrent. This holds particularly true when the market otherwise is ripe.

10. You get feedback from buyers thinking of your property to be overpriced

Requesting feedback at all sources possible is an excellent way of finding out if all is well with your home pricing. Once you get it, analyse it thoroughly to find out buyers' opinions.

Start with the right price for your house, or you might ultimately end up selling it for even less than what the right price would have been!