Signs My Home is Over Priced

Rusty For Sale Sign

Has your home been on the market so long that the For Sale sign out front has begun to rust? At some point you probably began to ask yourself if your home may be overpriced for the market. Here are a few thoughts to consider in making that determination before your For Sale sign completely rusts away:

  • Comparables – Is your home priced right according to comparable properties? Comparable homes that have sold recently can give you a great idea of how well your home may appraise. Active, pending listings give a great indication of where the market is and what your competition is as you try to get that next buyer. Pricing considerably higher than the Active, Pending or Sold properties probably will impede a quick sale and extend your time on market.
  • Showings – How many showings are you getting each week? Has it been a few weeks since you last saw a buyer’s agent in your home? If so, you are probably overpriced. A good sign that you are priced right is that you are hearing feedback from your agent about showings in your home.  If it has been a few weeks since the last feedback, it may be time for a change.
  • Market Changes and Activity – What is the market doing? Are interest rates higher or lower? What’s new on the local MLS? Are there a lot of bank owned properties or short sale properties in your area? Does your area attract lots of first-time buyers or move-up buyers? All great questions to ask when deciding on how high or low to price your home.
  • Do you really want the truth?  Many times sellers and real estate agents just are not ready to be honest about the situation. It’s usually far more useful to understand the realistic factors necessary to get your home sold than to talk about what price you hope or wish your home will sell.  Assuming that’s your position, don’t be afraid to ask your real estate agent for the honest truth:  What list price does my home need to be at in order to sell in the next 30 days? Just be prepared for the answer!

Rather not figure this out on your own? Our Phoenix AZ Realtors would love to help. Contact us at www.ThompsonGroupAZ.com or 602-753-0177.

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