Selling your house,
especially in today's competitive real estate market, isn't an easy task. Since
the prices of residential properties constantly change, you have to consider various
factors before deciding on the price for your property.
Here are six signs that
show that your house is overpriced:
1) Excessive days on market.
A big sign that your property is overpriced is the number of days it has been on the market. The average number of days residential properties stay on the market is 30 days. So if your listing exceeds that limit, then there is a high probability that your price is too high.
2) Relative high selling price.
A great way to check whether your property is overpriced is by comparing the prices with similar properties in neighboring areas. If a house is priced higher than others with similar specifications and similar features, you will find it very hard to get your property off the market.
3) Offers below asking price.
Another way to check if a house is overpriced is by going through the prices offered for the property by other prospective buyers. If most of the offers you are getting are consistently below the asking price, it is a clear sign that buyers consider the asking price to be too high and are unwilling to pay that much money.
4) Prices above assessed value.
A tax assessment is done for houses for the buyer's benefit. It assigns a specific value called the assessed value to each house, based on various factors. If a house is priced considerably higher than the assessed value, then it is time to reevaluate the price you are asking buyers to pay.
5) Unnecessary additions.
Property owners often add fancy and high-end add-ons like designer kitchen and alternate balconies. To make up for the extra cost incurred, they increase the price of the house considerably. But most of the time these additions are not worth the increase in the price and won't resonate with the buyer.
6) Negative opinion from realtor.
Sometimes it is hard to judge by yourself whether your property is overpriced, since it requires a lot of research and insider information. The best thing to do in such cases is to consult a realtor. Realtors are real estate experts, who have extensive and reliable knowledge about real estate market. So, if a realtor states that a property is overpriced, you should probably trust his opinion since he must have valid reasons for his deduction.
1) Excessive days on market.
A big sign that your property is overpriced is the number of days it has been on the market. The average number of days residential properties stay on the market is 30 days. So if your listing exceeds that limit, then there is a high probability that your price is too high.
2) Relative high selling price.
A great way to check whether your property is overpriced is by comparing the prices with similar properties in neighboring areas. If a house is priced higher than others with similar specifications and similar features, you will find it very hard to get your property off the market.
3) Offers below asking price.
Another way to check if a house is overpriced is by going through the prices offered for the property by other prospective buyers. If most of the offers you are getting are consistently below the asking price, it is a clear sign that buyers consider the asking price to be too high and are unwilling to pay that much money.
4) Prices above assessed value.
A tax assessment is done for houses for the buyer's benefit. It assigns a specific value called the assessed value to each house, based on various factors. If a house is priced considerably higher than the assessed value, then it is time to reevaluate the price you are asking buyers to pay.
5) Unnecessary additions.
Property owners often add fancy and high-end add-ons like designer kitchen and alternate balconies. To make up for the extra cost incurred, they increase the price of the house considerably. But most of the time these additions are not worth the increase in the price and won't resonate with the buyer.
6) Negative opinion from realtor.
Sometimes it is hard to judge by yourself whether your property is overpriced, since it requires a lot of research and insider information. The best thing to do in such cases is to consult a realtor. Realtors are real estate experts, who have extensive and reliable knowledge about real estate market. So, if a realtor states that a property is overpriced, you should probably trust his opinion since he must have valid reasons for his deduction.
No comments:
Post a Comment