If Your House Hasn’t Sold Yet It May Be Overpriced

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Real Estate

Has your home sitting on the market without finding a buyer?

This situation is quite uncommon, especially in the current real estate landscape where the supply of homes for sale remains lower than usual. In this market, your home should stand out as a sought-after oasis amid a scarcity of options.

If your house is still on the market despite limited choices for buyers, there's a key factor to consider: your asking price. With today's elevated mortgage rates stretching buyers' budgets, price sensitivity has become more pronounced. 

“If you are serious about selling your home now, don’t get greedy with the asking price. This is still a seller’s home market as there simply aren’t enough affordable homes for sale in many parts of the country. But with average 30-year mortgage rates above 6%, buyers are much more price-sensitive than they were a year ago.”

Setting the right price is crucial because your house will sell for what buyers are willing to pay in the current market conditions. While it's natural to have an emotional attachment to your home, acknowledging market realities is essential. A steep asking price can discourage buyers and lead them to overlook your property before even considering it.

To rekindle interest in your home, consider seeking the expertise of a local real estate agent. They leverage data to determine if your home is priced too high for the local market, taking into account neighborhood values, market trends, buyer demand, and your home's condition. By finding the right price, you can attract potential buyers and move on to the next chapter in your life.

Bottom Line

Even in a market with limited housing options, the asking price remains a crucial factor. If your home is not selling, it might be due to an inflated price that needs adjustment.