If your home has been up for sale for an extended period of time, chances are the market is 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:
1.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 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.
2.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.
3.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 have never had an offer in the first place!
Everyone likes to think their home is worth every penny of their asking price, but ultimately, it is the market that will decide that figure!
Buying or selling your home? Enjoy the journey!