How to Know When Your Home is Overpriced

by MARINA YUKHO 08/10/2019

In the real estate market, the value of your home depends on several other factors, other than the price you paid for it. For one, the price buyers are willing to pay for it at any particular time may depend on prevailing economic conditions, mortgage rates, the season of the year and a host of other things affect the value of your house.

  1. The price of other homes in the neighborhood is way lower than yours. Buyers usually know what the general sale price of houses in a location is, and when they notice yours is way over that, they get the impression that you are unreasonable and might not even bother to see the property. Real estate agents often go through a comprehensive process before advising clients on an appropriate price range so don't unduly pressure your agent into raising his estimate.
  2. You haven't had many showings or offers made since the listing. If you haven’t received any offers after about 3 or 4 months and no prospective buyers have come to view the property, there might be a couple of reasons responsible. Ask yourself if your agent is trying his best to promote your listing and if other houses in your neighborhood are moving. If both answers are yes, then it might be a likely fact that your home is overpriced.
  3. Other similar houses in the community are selling, and yours is not. There are different reasons why this may be so, are those houses newer, larger or have better features? And sometimes the reason theirs is selling, and yours is not is because it is overpriced.
  4. Expired listings. Real estate agents often state the listing period on the listing agreement, and if this period expires without being sold, you might want to review your price downwards as it might be an indicator that your house is priced too high. It doesn't mean there are no buyers; it just means the buyers who came were not willing to offer that much.

It's critical that you ask for feedback from your agent as to why your house did not sell. That gives you the opportunity to correct things that certain buyers didn't like.

About the Author
Author

MARINA YUKHO

Originally from Belarus, I've moved to Sarasota Florida over 25 years ago and have made this beautiful place my forever home! I absolutely love living here, and I enjoy everything Sarasota has to offer; a sense of community, beautiful beaches, people and everything in between.

With over 15 years of combined professional experience in the mortgage and real estate industry, I have an in-depth understanding of both sides of the transaction. My extensive knowledge of this region and local market, give me the enthusiasm and a desire to make my home, your home. I'll make sure that you make an informed and best real estate decision possible. I believe in building and maintaining the relationship with all of my customers by providing excellent service, working hard, listening and following through. 

My promises to you:


-To Be on Time - To Be Honest - To Do What I Said I will do-

My goal is to achieve the best outcome in every transaction and to ensure that the home buying or selling process is fun, easy and stress-free. You can count on me to be available when you have any questions or concerns. 

Whether you are buying or selling a home, I would be honored to have an opportunity to assist you, to answer all your questions and help you with all of your real estate needs.

When I am not working, I spend my time reading, working out, or spending time in the company of my family and my furkid, Mako, the dog. I enjoy going dancing with my friends, photography and often volunteer at Sarasota Humane Society to help animals to find their forever homes. I am fluent in Russian and English languages. 


Want to start a conversation with me? Here are good topics - Dogs, coffee, bacon, dark chocolate, Zumba, photography, and of course... Real Estate!
Let's find you a place you can call Home!