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Avoid Overpricing

By ResidenceBuy India  |  0 comments   |  1403 views  |   Feb 07 2012

It is difficult to acknowledge that your house is perceived as overvalued in the market place. However, sometimes it is useful to understand this and take necessary remedial measures.

Look out for the following red flags:

  • No visits from buyers: On average buyers look at 20-30 houses before buying. If there are no visits to your house after a month or two (even after appropriate advertisement) then perhaps your property is overpriced.
  • No response from buyer: Buyers' visit followed by no offers is an indication that the house is overpriced.
  • Low offers: If you are receiving offers from buyers/agents and it is significantly lower than your set price then perhaps it is time to revisit the pricing strategy.
  • Variance from other sources: A good place for price research is residencebuy.com, where you can find out the price range in your neighborhood through few clicks. If your valuation is beyond this range then there is cause for concern.
  • Lack of agents' enthusiasm: Agents will avoid properties if they perceive that sell may be hard and time consuming. So we advise you to consult your local residencebuy.com registered agents to get their frank opinion about your property.
  • Market fluctuation: We are unwitting victims of market volatility sometime or other. While your property may be priced correctly last year, it may not be so this year due to market cooling down. So check market trends regularly to be on top of property price volatility to avoid unintentional overpricing.

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