Last week we shared the first 4 signs you may find if your home is priced too high. As a quick recap, these included:

  1. Your home is priced higher than neighbors.
  2. You’ve had very little or no showings at all.
  3. You’ve had many showings, but no offer.
  4. Showing feedback indicates your home is overpriced.

 

If you want to explore these signs further, feel free to check out last week’s blog down below. As we dig into the next four signs, some of what we share may sting a little. Being candid is never easy, however it is important we share the truth even though it may be harder to hear.

 

Neighbour homes are selling, but yours is not. Sellers have a keen interest on how quickly neighbouring properties are selling and for how much money. At times a seller will say, “My neighbour’s home sold for $________, and ours is in better condition.”

There are many factors that influence the saleability of a home. This can range from size to style, floor plan to functionality, condition, upgrades, lot size, deck size, direction the house is facing, modern furnishings and so, so much more.

If one neighbours home has sold and yours hasn’t, no need to worry, this can happen. However, if multiples homes are selling around you and yours is not, this is a strong indication your home is overpriced.

 

You received low ball offers. A buyer may come along and offer a low price because he or she wants to get a ‘steal of a deal’. Other times ‘low ball’ offers come when a property is overpriced. The buyers like what they see, but they’ve also seen many other comparable homes at a better price. If you’ve received more than one offer that has come in at price much lower than your asking price it’s a sign that buyers are not willing to pay your price.

 

You hired the Realtor who gave you the highest price. At times sellers invite two or three Realtors out to do a listing presentation.  With the selection of agents available, it makes sense that you want to ensure you hire the right choice.

It’s important to be aware that some Realtors may ‘buy’ a listing by suggesting a price that is much higher than market value. Realtors go through a similar process and data to determine market value of a property so their value should be within a 3% margin at most. When a price offered is 5-10% higher than what others have shared, it’s possible this high price was given in order to secure the listing.

 

Your home did not sell and expired. Some properties are very unique or within a high end price range where buyer selection is minimal. Due to a limited number of buyers, these properties can sit on the market and eventually expire.

If your property is within a price range where we see a steady number of buyers, if it’s in good condition, is being marketed properly and is accessible for showings, it should sell. If it doesn’t, its very possible potential buyers did not see sufficient value for the price.

If you’re considering selling and would like more information about pricing and the selling process, be sure to give us a call! It is always our highest honour to serve you!

 

Jason Rustand with RE/MAX Real Estate serves with the highest level of integrity and excellence every time.  For more info on this topic or others related to real estate contact LIKE our Jason Rustand Team Facebook page, call Jason direct at 780.980.2828, email jrteam@shaw.ca or visit WeSellLeduc.com.


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