Every seller wants to get their house sold quickly, for as much money as they can, with as few headaches possible, says Keeping Current Matters.
What could jeopardize your success if your home is priced too high for the market? Pricing your house correctly remains one of the most crucial steps in the selling process.
How do you know if you’re missing the mark? Here are four signs that your high asking price might be turning potential buyers away.
- You’re Not Getting Many Showings or Offers
One of the most obvious signs your house may be overpriced: A lack of showings. If it’s been on the market for several weeks and only a few buyers have come to see it — or worse, you haven’t gotten any offers — it could be a clear indication the price isn’t matching up with what buyers expect. Buyers who have been looking for a while can easily spot (and write off) a home that seems overpriced.
Your real estate agent will coach you through this, so lean on their experience for what you may want to try to bring more buyers in, including consideration of a price reduction.
- Buyers Have Consistent Negative Feedback after Showings
And, if after the showings, the feedback that do receive from potential buyers is negative, you may need to course correct. Feedback from showings is an important part of understanding how buyers see your house. If they consistently say it’s overpriced compared to other homes they’ve seen, it’s time to reconsider your pricing strategy.
Your agent will gather and analyze this feedback for you, so you can see how your house stacks up in the market. They can also suggest specific improvements or staging changes to better justify your asking price, or recommend a price that aligns with today’s buyer expectations.
- It’s Been on the Market for Too Long
Lack of interest will ultimately lead to your home sitting on the market without any serious bites. The longer it lingers, the more likely it will raise red flags for buyers, who may wonder if something is wrong with it. A long listing period means your house is stale – and that makes it even harder to sell.
Your real-estate agent will be able to give you perspective on how quickly other homes in your area are selling, and walk you through what’s working for other sellers. That way you can decide together if there’s something you want to do differently. According to Bankrate: “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.”
- Your Neighbor’s House Sold Without an Issue
Here’s the last one to watch out for: If similar homes in your area are selling faster than yours, it’s a clear sign that something is off. This could be due to things like a lack of upgrades, outdated features, or a less desirable location. Or, it may be priced too high.
Your agent will keep you up to date on your competition and what changes, if any, are needed to make your home more competitive. They’ll offer advice on small updates that could increase your home’s appeal or how to adjust your strategy to reflect the reality of the market today.
Bottom Line
Pricing a home correctly is both an art and a science. It requires a deep understanding of the market and buyer psychology. And when the price isn’t drawing in buyers, there’s no better resource than your agent on what you may want to do next.