If your house has been on the market for a long time, and you haven’t gotten any offers, this may be a red flag. This list is by no means comprehensive, but it covers the big signs of an overpriced home, as well as advice on how to avoid overpricing your home to begin with.
1. You ignore trends in the market in your surrounding area and don’t think these trends will affect the price of your home
2. You’ve priced your home based on improvements and updates you’ve made
3. You used an appraisal 3+ months old to base your selling price
4. You put your home at a higher price than others in the area because you have a special attachment to it and expect buyers to feel the same way
5. Your home has been on the market for over 6 months
6. Your realtor didn’t agree with your asking price and refused to list your home, leaving you to search for another realtor who is willing to market your price
7. You have marketed your home for a showing, but you don’t actually get any showings. This means that your price and your home have been “rejected” from the local market.
If you think you are guilty of making any of these mistakes, reevaluate your price and your home’s actual worth. Talk to a real estate agent or two and get advice on your situation so that you don’t run the risk of wasting valuable market time for your home.
This article, and more, can be found on Realtor.com, which offers great advice on all things real estate. Check it out!