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  • Writer's pictureWWH

The Real Reason Your House Hasn't Sold: Overpricing

Is your home languishing on the market without attracting buyers? In today's climate, that's an anomaly. The shortage of homes for sale remains pronounced compared to a typical year, giving your property an edge in a market starving for inventory.

However, if your house hasn't found a buyer yet, there's likely a key factor at play: your asking price. Buyers, already feeling the strain of elevated mortgage rates, are notably more cautious about prices. According to a recent Wall Street Journal (WSJ) article:

“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.”

The Significance of the Right Price

While seeking a substantial return on your property investment is natural, aligning it with current market dynamics is crucial. Ultimately, your home will sell for what buyers are willing to pay in the present scenario.

It can be emotionally challenging, especially considering the sentimental attachment you may have developed over years of living in the house. Emotions can cloud objectivity, complicating the selling process.

However, it's essential to acknowledge that an inflated price tag could deter potential buyers, causing them to overlook your property without a second glance. If your home isn’t getting attention, it’s unlikely to sell.

To reignite interest in your property, seeking guidance from a local real estate agent is vital. Their expertise involves analyzing market data, evaluating your home's condition, gauging neighborhood property values, and aligning it with current buyer preferences to determine an optimal price point.

In essence, despite the limited inventory, your home’s asking price remains a decisive factor. If it's struggling to sell, it might be priced too high.


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