Are you unsure if your property is overpriced or if it's just the current market conditions? 🏡
Struggling to get the interest you expected on your property listing? Not seeing many viewings? When your property first launched, did you envision a flurry of interest only to be met with silence? Discover here why your property might be overpriced and how to adjust.
Selling a home is a big commitment with countless decisions along the way. After months of planning and research, it’s disappointing to finally list your property, only to find that interest is sparse.
When a property hits the market, initial promotional efforts typically alert buyers to the listing through email alerts, website features, and social media posts. This launch phase is often the busiest time for viewings—so if no one is coming through the door, it could indicate a pricing issue.
Why Might the Price Be the Problem?
If your launch hasn’t sparked interest, your initial valuation could have been overly optimistic. Here’s why this happens more often than expected:
Agent Competition: With multiple agents vying for your business, some may offer an inflated valuation to stand out. While appealing, an inflated price can hurt your chances of an early sale, forcing eventual price cuts that could lead to a lower final sale price.
Flattery Factor: Setting a lower price can feel awkward for agents, and some may overvalue with the best intentions. While it may feel good initially, it doesn’t make the property more marketable.
Optimism Bias: Sellers naturally want to get the highest return possible, often opting for the top end of the valuation range. However, the highest end is typically speculative, making it harder to attract genuine interest.
Market Changes: The property market fluctuates, and shifts between your valuation and listing date may have impacted the ideal price range.
Pricing a home is an art and science, but ultimately, a listing price that doesn’t reflect market conditions could cause your property to sit without serious offers.
If your home hasn’t garnered the attention you anticipated, it may be time to review your price and marketing approach. Now that you’ve tested the initial price, use that feedback to create a revised, competitive listing.
Connect with Our Team for an Expert Review
Our team of property professionals is ready to provide a no-obligation assessment of your listing and marketing plan. We’ll help you identify what might be holding your property back and find a new strategy to reach the right buyers.
