4 Ways To Tell If Your Home Is Overpriced
It could be easily argued that one of the hardest things about selling a Knoxville home is picking a price.
Pricing your home can be even harder as a seller because no matter how much your try, emotions have a way of clouding your judgement. For sellers, every home is full of memories. You remember renovating the bathroom, family gatherings, and the day you moved in when the place immediately felt like home. With all of this in mind, many sellers struggle to see the facts when it comes to pricing their home.
If you’re Knoxville home has been on the market for awhile, here are 4 ways to tell if your home is overpriced.
Showings Are Rare
One of the easiest ways to tell if your home is overpriced is based amount of showings.
When you’re home first hits the market, you should expect to have a decent amount of traffic. New homes on the market, if they’re priced fairly and are in good condition, are a rare commodity for buyers. Buyers who have been on the market for awhile tend to jump on new homes quickly as soon as they hit the market. If your home doesn’t receive a decent amount of attention from the start, it may be overpriced.
As your home continues to sit on the market, if showings are far and few in between, this should raise a red flag about your price. When buyers feel a home is overpriced, buyers won’t even waste their time looking at it. Wer.
You Haven’t Received Any Offers
Offers are another one of the ways to tell if your home is overpriced. When a home is priced competitively and receiving a decent amount of foot traffic, it’s pretty typical that a home will receive at least one offer, particularly in the current market where there is such a low inventory of homes on the market.
If your home has sat on the market for a few months without an offer, it may be time to question why exactly your home hasn’t received an offer. Homes that are priced competitively tend to receive offers within the first few weeks or months of being on the market. If it’s been awhile since your home has been on the market and you haven’t even received one offer, you may want to reevaluate your price.
Your House Has The Highest Price In Your Neighborhood
Another one of the ways to tell if your home is overpriced is by comparing your home to other homes that are for sale in your area, as well as homes that have recently sold.
How does your home compare to them? Are you about the same price or are you significantly more? If your home is significantly more than other homes for sale in your neighborhood, it may be time to take a closer look to see why. If other homes in your neighborhood are selling for less and have gone of the market quickly, it is probably a true indication your home is overpriced.
Buyers Keep Telling You It’s Overpriced
Finally, one of the other common ways to tell if your home is overpriced is based on feedback from your showings.
Showing feedback is a critical source of information for sellers. It is a candid way to find out what other buyers are thinking about your home. If you’ve received feedback from buyers that your home is overpriced, it may be time to take that information to heart and really take a good look at your price.
Sellers sometimes want to disregard showing feedback because they feel like some buyers don’t know what they’re talking about. Sure, some buyers don’t know what they’re talking about. But, if you’ve received feedback that you’re home is overpriced on at least two occasions, it may be worth taking a good hard look at your price.
Are you thinking about selling your Knoxville home this year? Please let us know if there is anyway 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] or at 865-696-1888.
