If your home has been up for sale for an extended period of time, chances are the market it telling you, it’s probably overpriced! In all honesty a property is only worth what someone is prepared to pay for it, so coming to the market above current value, may not do you any favours in attracting the right buyer.
Here are 3 reasons why buyers don’t make offers on overpriced homes:
They don’t want to offend you! As ridiculous as it may seem, this is the number one reason. After touring through your home and being told about the blood, sweat and tears that have gone into your property, not forgetting pointing out quality and location (to try to justify your price), the buyer can feel embarrassed about their “sensible offer,” however realistic it may be. And to make it easy on their own conscience is to just walk away, rather than make an offer that could be declined. No-one likes to feel like they’ve been turned down. That’s just human nature.
Buyers wrongly believe the sellers know their home is overpriced. They think that if they were willing to take a lower figure, they would have reduced the asking price.
Buyers assume the seller has already turned down a sensible offer. Heard the saying never assume? Buyers would much rather walk away from a home than go through tough negotiations. What they don’t realize is, the overpriced home may never have had an offer in the first place!
Not every overpriced home will sell for less than market value, so be sensible when you’re ready to put your offer forward. Make sure you’ve done your homework and know what comparable homes have been selling for!
Selling your home? Enjoy the journey!
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