RE/MAX MARKETING SPECIALISTS
Anne Graffy, RE/MAX MARKETING SPECIALISTSPhone: (727) 560-1635
Email: [email protected]

How do you Know When Your Home is Overpriced?

by Anne Graffy 06/09/2019

In the real estate market, the value of your home depends on several other factors, other than the price you paid for it. For one, the price buyers are willing to pay for it at any particular time may depend on prevailing economic conditions, mortgage rates, the season of the year and a host of other things affect the value of your house.

  1. The price of other homes in the neighborhood is way lower than yours. Buyers usually know what the general sale price of houses in a location is, and when they notice yours is way over that, they get the impression that you are unreasonable and might not even bother to see the property. Real estate agents often go through a comprehensive process before advising clients on an appropriate price range so don't unduly pressure your agent into raising his estimate.
  2. You haven't had many showings or offers made since the listing. If you haven’t received any offers after about 3 or 4 months and no prospective buyers have come to view the property, there might be a couple of reasons responsible. Ask yourself if your agent is trying his best to promote your listing and if other houses in your neighborhood are moving. If both answers are yes, then it might be a likely fact that your home is overpriced.
  3. Other similar houses in the community are selling, and yours is not. There are different reasons why this may be so, are those houses newer, larger or have better features? And sometimes the reason theirs is selling, and yours is not is because it is overpriced.
  4. Expired listings. Real estate agents often state the listing period on the listing agreement, and if this period expires without being sold, you might want to review your price downwards as it might be an indicator that your house is priced too high. It doesn't mean there are no buyers; it just means the buyers who came were not willing to offer that much.

It's critical that you ask for feedback from your agent as to why your house did not sell. That gives you the opportunity to correct things that certain buyers didn't like.

About the Author
Author

Anne Graffy

When explaining to clients why I am the best fit for their real estate needs, I like to tell them that I am not only their real estate agent, but their business representative as well. With more than three decades of experience working in the corporate world and as an entrepreneur, I have extensive knowledge of how business works and what needs to be done to succeed. Not only has this experience informed the way that I research and keep track of information, it has also taught me everything that there is to know about negotiating and closing sales. For you, as the client, this experience means that I know how to get you the best deal possible on that property you are buying or selling in the Tampa Bay area.

As a successful real estate agent, I pride myself on being an active member of the community. I am dedicated to providing every client with unparalleled customer service and utmost professionalism. I have been a licensed real estate agent serving Pinellas, Hillsborough, and Pasco county since 2002. During this time, I have had the pleasure of working alongside some of the most influential developers and investors in the industry. This working experience has also given me an advanced level of market knowledge when it comes to luxury homes in the Tampa Bay area. I am able to understand and predict changes in the market, as well as help you track down that luxury home that you have always wanted and help you purchase it for a fair price.

Over the course of my time working in real estate, I have been awarded the following accolades:

2003 ReMax Sunset Rookie of the Year

2003 Million Dollar Producer

2003, 2006 ReMax Executive Club Award

2004 and 2005 ReMax 100% Club Award

I have also been a licensed interior designer from 1984 to 1998. This experience has proven itself to be invaluable when it comes to helping clients get an idea of how they want to decorate or renovate the inside of a home. And coincidentally enough, many of the homes that I sold to clients over the years were some of the same houses that decorated and designed nearly two decades ago.

In addition to working real estate and in the corporate sector, I (have been) a member of the following organizations and volunteer groups in the community:

Membership Director of the Gulf Harbors Civic Association

Design Team of Main Street New Port Richey

Eco Broker

On the Green Business Committee of the Florida Green Building Coalition

Member of the Habitat for Humanity Women Build Team

Fundraised for New Directions, an organization dedicated to cancer research

Volunteer at the American Diabetes Association

Big Brother/ Big Sister program

I believe in working closely alongside the community to build better neighborhoods for all, and this is evident in my real estate practice. If you are interested in learning more about property in the Tampa Bay Area or you’d like to move into a home in the community, give me a call at 727-560-1635 to get started.