Today I’m going to cut to the chase and answer a great question that came from one of our home sellers: “How do I know if my home is overpriced?”
In order to answer this question, I want you to assume two things first:
- Assume that the seller has done as much as they’re going to do to improve the condition of the property.
- Assume that the Realtor with whom the seller is working with is in the top 1% and that they have a huge marketing budget and plenty of experience.
“If you go 3 weeks without a showing, your home is definitely overpriced.”
If the above is true, the next way to determine if your home is overpriced is by listening to the market.
The best ways to do this is by looking at the number of showings and the days on market. When we put a home on the market, we expect at least five showings in the first 10 days to two weeks. Then, we expect another five showings in the following two weeks. This means that we’re looking at a minimum of 10 showings in the first month. If you don’t have an offer in those first 30 days after 10 or more showings, then you know for a fact that your home is overpriced.
The second way to tell is if you go three full weeks without a showing. If you list with an average agent and this happens, how do you know it’s not the marketing? That’s why the two items I listed above are essential in order to use the criteria I gave you.
If you want to talk more specifically about your situation or you have any questions about real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.