How to now an overpriced home and what to avoid doing.
With the housing inventories going low- and the demand for homes are more. Almost any buyer would prefer paying almost any price for the home they want. However, with the current inventory levels that cause the home to sell for the most amount of money and at a faster rate, sellers need to make sure that pricing the home correctly and competitively would be the right thing to do. One of the biggest mistakes a seller can do is overpricing their current home. The consequences of an overpriced home can be numerous, one it can sit in the market for too long and second a large number of low ball offers because other agents may notice the price.
Buyers become desperate when they see the home that they want and are willing to pay top dollar. However when buying an overpriced home leads to owners selling for less when they decide to sell it. Since the future of real estate is unpredictable, you never know what the value of the home would be in years to come.
When you buy a home here are some tips you should consider to know if the home is overpriced.
· Check the comps- Look at the comparable houses on the market. The home would be priced based on the surrounding homes that are being sold. Find time to research, always check the location if the home is in a modern neighborhood that does not mean that the house should be priced way too much.
· Check the number of days the home is on the market- When homes hot the market there should be a number of showings and feedback you will get. Check how what are the usual feedback the home has- pay attention to the traffic. Homes that are stale means that there might be something going on- either it is the marketing or the price of the home.
· Is the home priced for custom amenities- Even if the home has a media room, tennis court, or pool this might not be appealing to an audience. Therefore, homes within an elite community that lack these features may actually end up sitting on the market longer while your home will still sell in impressive timing even with a price that reflects these accommodations.
· Location is everything. There are several factors where the home will sell less
· The house is located on a main street or only a couple of houses away from a busy street.
· Schools in the area are not highly rated.
· There are a lot of older residents in the area.
· Low Income areas generally include lower priced homes.
· Areas with a lot of diversity generally sell for less money because they are typically viewed negatively by homebuyers.
· Is the location associated with older homes that typically require extensive remodeling due to poor structure or home faults?
· What is the neighborhood or area amenities/recreation/entertainment?
5. Is the home well kept? - Homes that are updated are worth more. You may want to consider the following.
· The house was built by a lower-end builder compared to similar homes.
· Fixtures, including the faucets, lights and shower, are not updated.
· The paint is older.
· The fence in the yard looks rotted.
· The cabinets have scuffs and scratches.
· Wall paper in certain rooms is outdated or peeling off the walls.
· Floors are poorly installed or cheap.
· Floor plan is awkward.
· There is clutter when showing the home.
· It lacks desirable traits found among today’s modern homes – granite counters, stainless steel appliances, landscaping, energy efficient appliances, etc.
· Known repairs are needed.
Buying a home is difficult if you don’t have the best realtors like us who study the market every day. You might make a large mistake of buying an overpriced home. To know more about us please visit our site at www.lasvegasfindahome.com or call us Bill Jenkins Team Jenkins Ranked Top 1% Nationally Professional Real Estate Coach and Sales Nevada Realty Connection 170 S. Green Valley Pkwy Suite 300 Henderson, NV 89012 702-845-8540 Cell 702-318-7228 Office