Whatever the reason maybe, homeowners who put price tags on their homes are certainly looking for ways to sell them faster? But as much as you want to shorten your house’s stay on the market, there are factors to analyze if you are doing it right. One of them is associated with the price tag. Perhaps you are one of many property owners who are practicing overpricing.
Most homeowners stick on high prices for profits. There is nothing wrong with the thoughts of having some amounts in excess of what you’ve paid for the house and associated staging and repairs, but there is something wrong with overpricing. Overpriced homes are on the unrealistic realm. Homeowners want to get more than what the house can be bought for.
As a suggestion of many real estate brokers and agents, it is always good to have a comparative study of your neighborhood. Look for homes that are somehow similar in size and structure with that of your house. Know their market values. This way, you’ll have an intelligent price peg for your house – something that is near the realistic margins.
Drop the attitude that you are the seller and you can always ask for the price that you want. This is not a good practice. Pool of potential buyers will go after your house for sale if its price tag is within the affordable and realistic limits. Consider your house a food that will be eaten by pets if it is within their eating preferences.
Put your feet in the shoes of your buyers. Are you willing to spend extra money for a house that will give you the same comfort and convenience with that of a house that is fairly priced according to your budget? You have to face the reality that more than the visual style and aesthetics of the house, buyers also consider its price.
There are real dangers posed by overpriced homes. Although you can always reduce the price of your house, overpricing is an act that would just put you on a difficult road to recovery. Why? Because at first you’ve marked it high, potential buyers would have spent their time looking for more affordable properties. By that time, your share of would-be-buyers would already find their ideal home – at a price that is also ideal to their pockets.
Telltale signs that your house is overpriced include overstay in the market. Your neighbor sold his house for only a month and few weeks but your house has been on the market for nearly a year. You have visitors, like two to five per week yet a house on the other side of the street has battalions of potential buyers on weekly basis. Then, after regular intervals, three to four houses similar to your house were sold.
It’s not that late to change that tag price. Your house has the right to be sold and certainly you have the right to profit. If you don’t knowhow to properly price your house, your friendly real estate agent is always happy to be of service to you.