In a seller's market, it can be easy for those who are listing or who are about to list their properties to make one of the simplest mistakes about selling their home: expecting a massively inflated selling price compared to the price they paid, the price homes in their neighborhood have been selling for, and the average price of homes in their area.
Working with an experienced Grand Rapids Realtor is one way to avoid alienating potential buyers by overpricing your home. However, even the most seasoned West Michigan Realtors sometimes agree to overpriced initial listings, depending on the market and their clients' needs. So, how can you tell if it's time to lower your asking price? Here are a few signs that your home may be listed at a higher price than the market supports.
-
Other people are telling you as much. If other Realtors or people coming to see your home flatly tell you the property is overpriced, you should listen to their reasons as to why and give them thought. Consider bringing the issue up with your Realtor and seeing if they think that you should adjust the price on the property. Sometimes, it may be that the person who was speaking doesn't understand the local market, but there is also a chance they have a more objective opinion of your property's value.
-
You aren't scheduling any showings. If the price is wildly out of step with expectations based on the location, size and age of the property, or other factors, chances are good that even in this fast-paced current West Michigan real estate market most buyers and their agents will pass on the property before even looking at it. If your home is priced substantially over the average in the area and there is no clear indication in marketing documentation as to why, buyer's agents may advise their clients to steer clear.
-
Your showings aren't converting to offers. If you are scheduling quite a few showings with minimal negative feedback but none of the potential buyers are presenting offers after seeing the home, there's a solid chance that your home is priced ever so slightly too high. A small price reduction may motivate those who have viewed your home to make an offer. It may also bring your property into the price range of even more potential buyers, which could result in fresh showings and an offer.
So, if you're starting to think that you may have priced your initial listing price too high, there's great news! Reducing your listing price is as simple as executing a single form with your Realtor, who can then proceed to update the price with online databases and notify any buyer's agents who have had clients express interest in the property.
If you have listed a home or are considering listing one in the near future, call, text, or email a team member from Pyxis Realty to get an accurate price estimate and superior customer service throughout the sale process!