Get Your Listing in Selling Shape with a Washington Hard Money Loan
Selling your home, house flip, or investment property can be exciting. But what if you aren’t receiving the offers you expected?
The problem might be your pricing strategy. Setting the right price is crucial to success in real estate. Get it wrong and you can find yourself with mounting costs and stress.
Here are four key signs your property may be overpriced and what you can do to adjust.
Signs Your Home is Priced Too High
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You’re Receiving Lower Offers: One of the clearest indicators your listing is overpriced is when offers are significantly lower than your asking price. Buyers do their research, and with real estate information readily available online, most are well-educated about market values. If buyers consistently offer much less than you’re asking or give negative feedback, your price may be too high for the market.
This can be discouraging, but buyers are signaling what they are willing to pay. It’s an opportunity to adjust. Consider dropping your price to a range more aligned with the offers you’ve received to stimulate new interest and bring in more competitive bids.
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Comparable Properties Are Selling Faster: Comparables (comps) are similar properties in your area that have recently sold. They provide a sense of what buyers are paying and are a valuable tool for pricing (and purchasing) real estate. If properties comparable to yours in size, condition, and location are selling quickly and yours is not, it’s a strong sign your price is too high.
When comps are closing deals within weeks while your listing is lingering for months, it’s time to rethink your pricing strategy. Review the sales data for comparable real estate within the local market and adjust your price to be competitive.
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Nearby Properties Are Priced Lower: It’s tempting to set a higher price based on features you find valuable. However, buyers may not see things the same way. If homes in your neighborhood are listed for less—especially if they’re very similar—it can create a value perception problem. Buyers will compare your listing to others in the area, and if they don’t see a clear reason why your house costs more, they’ll move on to a more affordable option.
When pricing an investment property, it’s crucial to remain objective. Take an honest look at nearby listings. Does your home justify a higher price, or are you overestimating its value based on personal attachments or upgrades? You may need to bring your price down to match the local competition.
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Lack of Showings: If your home has been on the market for a while and you’re not getting many showings, it’s a red flag that potential buyers and investors are skipping over your listing. In today’s digital age, buyers often browse listings online before scheduling a tour. If your price doesn’t align with similar properties, they won’t bother viewing it in person.
A lack of showings can hurt your property’s selling potential in two ways. First, the longer your property sits on the market, the more buyers will wonder if there’s something wrong with it. Second, your listing could go stale, making it less visible in online search results as newer homes hit the market. To increase showings, consider adjusting your price to a more competitive range.
Pricing real estate correctly is crucial to a timely sale at a fair price. Overpricing can lead to extended time on the market and additional carrying costs. It can even result in a lower final sale price after multiple reductions. Stay responsive to buyer behavior and local market trends. A well-priced property will sell faster, saving you time, money, and stress.
Our Washington Private Money Lenders Can Help
Hard money loans offer flexible, fast financing to help you achieve your real estate goals. Whether it’s a bridge loan or funding for upgrades or repairs to boost property appeal, Washington private money lender Gregory M. Russell can work with you to meet your needs. Our hard money loans are based on your available collateral. Credit and employment history are secondary. Unlike conventional loans, this means paperwork is minimal and the approval process is streamlined. If your listing is not moving, talk to our team about ways a private money loan can help you. Call 1-888-477-0444 or complete our short loan request form. We look forward to connecting!