Selling a home in a down economy can be a frustrating and disheartening experience. Since the real estate market has taken its turn, many sellers are unwilling to sell for what their home is actually worth, mainly because they just can’t accept how much value has been lost. Unfortunately, the real estate market has taken its toll on agents as well, and some agents are willing to take an overpriced listing in hopes of a miracle. An honest and experienced real estate agent will tell you when your home is overpriced; not in an effort to practically give your house away for a cut of the deal, but because they would be wasting your time and their own by listing a property for much more than it’s worth.

If your home is currently listed with a real estate agent and it just isn’t selling, you may have to accept that your home is overpriced. Here are a couple ways to determine whether your home is listed at a fair market value:

Comparable Properties – The best way to value your home is to look at homes that have sold in the neighborhood. If you’ve listed your home with a real estate agent, they should be able to do an extensive comparative market analysis to show you not only the sold homes in your area, but also the active and pending listings. Unfortunately, many people will compare their list price to a neighbor’s list price, which is the wrong approach. Your neighbor (and even you, for that matter) can list their home at whatever price they’d like, but what the home actually sells for is considered a comparable property.

No Traffic – One of the best indicators of an overpriced home is the lack of traffic and showings for your home. One common misconception about overpricing is that, “A buyer is going to lowball me anyway, so if I start higher than what I want for the property, we can meet in the middle.” If you’ve listed your property with a real estate agent, they should advise you that you’re playing a dangerous game. Buyers don’t typically see it that way, and are willing to pay a fair price for a home, buy many buyers can be scared off by a high asking price and think you will be unreasonable and unwilling to budge on the price.

No Offers – You may have gotten a lot of traffic in your home, but no one willing to put in an offer. Most statistics will show that if your home is priced appropriately, your home should sell within the first three months, so if you haven’t received an offer in over three months, your home is likely overpriced.

For more information on how to sell your home, or to browse our Denver real estate for sale, please visit us at PorchLight.

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