The Simple Way To Tell If Your Knoxville Home Is Overpriced
Remember, Goldilocks and the Three Bears?
It was the childhood short story about Goldilocks finding the items that were just right for her. It was all about finding the things that were not too much, not too little, but just right.
When you think about pricing your home, think about Goldilocks. You don’t want your home to be priced too high or no buyers will want to look at it. And, you don’t want to price it too low or that a buyer gets it at a steal. Instead, you want to price it just right, enough to attract buyers and sell your home quickly for the best price possible.
Unfortunately, there are many times where Knoxville buyers overprice their home. In this post, we’ll show the simple way to tell if your Knoxville home is overpriced.
You’ve Had Zero Showings
Showings have are a true indication of whether or not your home is overpriced. It’s an easy way to gauge what buyers are thinking about your home. If they’re interested, they’ll set up showings. If they’re not interested, they won’t waste their time looking at your home. When all other aspects of your home are generally appealing, the first thing you should question is price when you’re not getting any showings from the start.
When your home first hits the market, it’s fresh and new. Buyers are constantly scouring the MLS listings waiting for something new to appear. This is particularly true in a seller’s market where buyers are fighting tooth and nail over the good homes when they hit the market.
The first week or two that your home is on the market should offer key insight. Are you getting no showings? Or, are you just getting a few? While showings aren’t the only indicator to show that your home is overpriced, they do offer a fairly good idea. Some price ranges do take longer to sell and get attention. And, if your home is unique, it may take longer to find the right buyer. Be sure to talk to your realtor about what kind of expectations you should have.
All You Get Is Low Offers Or No Offers
The way that buyers respond to your home is important. One way that you’ll see how buyers are responding to your listing is based on the low offers or lack of offers that you receive. This is another very simple way to tell if your Knoxville home is overpriced.
Since your home has been on the market, have you received offers? If so, how are they compared to your overall listing price? You can truly see how buyers feel about your home when they make an offer on it. Sure there will always be the buyer out there trying to get a deal, but you’ll see less of that in a seller’s market. If a buyer is submitting an offer and they are also submitting comps, you may want to consider what they’re offer is saying.
If you’re only receiving low offers or no offers, you may want to evaluate your price. Talk with your agent and see what they think. They can provide you with a list of homes that are for sale in your area and how they compare to your home.
You’re Showing Feedback Says You’re Overpriced
Finally, any showing feedback that you get from buyers is gold when you’re selling your home. It’s a very simple way to tell if your Knoxville home is overpriced. If buyers start indicating it when they give you showing feedback, you may want to consider your price altogether.
After a showing, a buyer’s agent will typically give feedback about what they thought of the property. Some of it may sound a little crazy or maybe a little personal, but it can give you key insight into what buyers are really thinking about your home. You’ll hear everything about your home, including if the buyer wished you had a bigger yard, more square footage, or an additional bedroom. And, some of these things you obviously can’t change.
But, when a buyer indicates that they think your home is overpriced, that can give you some valuable information. Buyers can be savvy enough to know what is overpriced and what is not. When you’re seeing many houses in the same price range, you’ll easily begin to know what is worth the price and what is not.
Bottom Line: Buyers Are The True Indicator
Buyers are the simple way to tell if your Knoxville home is overpriced. What buyers do and don’t do when your home is on the market is an easy indicator for how they feel about your home. In a seller’s market, when buyers aren’t reacting to your home, you need to evaluate your price. It is the single-most important factor when you sell your home.
Are you thinking about selling your Knoxville home this year? Please let us know if there is any way that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at [email protected].