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Signs That Your House’s Asking Price Is Too High

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When it comes to selling your house, correct pricing can mean the different between success and failure. An asking price that is too high will only bring around potential buyers who want and expect steep discounts. Your house will sit on the market for longer, which will attract even more buyers interested in discounts. Listing too low carries the risk of not actually kicking off the bidding war that you would like, or of alienating buyers when they realize you don’t want to sell for that price.

In this post, let’s look at some signs that your house’s asking price might be too high, so that you can adjust accordingly.

Limited Interest and Showings

One of the most apparent signs is if you don’t get much traffic from potential buyers. If your house has been on the market for an extended period without many showings or inquiries, you know that buyers don’t think there’s enough bang for their buck with your listing. In fact, the interest is so low that they don’t even want to come and take a look!

Lack of Offers, or Lowball Offers

If you receive no offers, or only lowball offers, you know the market is having trouble giving you your price. Real estate agents (and even many buyers) will conduct thorough market analysis to determine a property’s market value. If your house is priced well above this value, potential buyers will feel like their only option is to lowball.

Negative Feedback from Showings

Feedback from potential buyers and their agents after showings can provide valuable insights. If you consistently receive negative feedback about the price, it’s a strong indication that your house is overpriced! Take this feedback seriously and consider adjusting your price.

Extended Time on the Market

While every market has its own pace, an extended time on market can be an indication of an overpriced house. This is especially true if comparable properties in your area are selling more quickly.

As already mentioned, the longer your house stays on the market, the more likely potential buyers are to think that there is something wrong with it, further exacerbating the problem.

High Number of Comparable Listings

If you notice a significant number of comparable listings with lower price tags, your house might be overpriced. Buyers are likely to consider all available options before making a purchase, so you have to compare favorably. Do you really have more and better amenities than your competition? Be realistic.

You Found and Hired the Agent

While it’s important to trust the expertise of your real estate agent, be cautious if they push for an asking price significantly higher than what other professionals recommend. Some agents may promise a higher price so that you will choose them for the listing, but as already noted, listing too high can have significant implications. Look for an agent who provides a realistic market analysis.

Pricing your house accurately is crucial for a successful sale. By recognizing the above signs, you can make an informed decision about adjusting your asking price, or even about starting with an optimal asking price right out of the gate.

We also buy houses, so if you are interested in selling, reach out to us to see what we can do for you!

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