7 Signs that your home might be overpriced

You’ve decided to sell your home, you’ve put the word out, hired the best broker and yet it just won’t sell. Don’t scratch your head over it. Maybe you’ve just overpriced it and the buyers are put off by the huge sum you ask from them. Here are some ways to spot if your home is a bit too overpriced.

1. Higher cost than comparable one - It is important to remember that you are not the only one who has property in Mumbai. The buyer will look at other options as well and it is important for you to note that the home is of a similar price to its peers.

Less to no showings - The moment you put the word out that you’re selling a home, there must be excited. The word must travel around Mumbai that there is a property in Mumbai that is to be sold. If there aren't more than 4 showings in the first couple of weeks, it means there’s something odd about the price.

1. Other Homes sell - It also depends on the time period. If you’re property has been on the back burner for a while as the other homes around it sell like hot cakes, you need to take a look at the pricing.
2. No offers - If after a week, you still haven’t received an offer, it means that the interest in your property is being negated due to some reasons. It is very likely that it is the price that has caused the buyers to withdraw. Most of them will choose not to bid if there is a huge price discrepancy.
3. Lesser offers - When a potential property buyer gives you an offer that is far lower than expected, it is their way of communicating that their median price range is lower than what you have set. They do this in a bid to find a balance between your high price and their willingness so you can settle at a suitable number. Do not take this personally and look at it purely as a business transaction.
4. Too many days on the Market - This is the main reason. If the property spends too many days in the market, especially when you’ve taken care to get across the best images of the property, it means that all the buyers think it is too overpriced and look at a more nominal rate.
5. Other Properties being sold - Lastly, the writing is on the wall when the properties around you are selling but yours isn’t. You might take a cue from them and try and understand their pricing and why they have sold when you haven’t.

Keep these signs in mind and be ready to adjust according to market demand for the price. Remember to treat it as a business deal and not a personal grudge. The right price will always get you a buyer.