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Are we overpriced?? HELP!

My address is 308 Byswick Lane, Richmond, Va 23225.  We have had tons of interest and only positive feedback.  Are we overpriced?  Any advice is appreciated!
  • May 09 2009 - Forest View
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Answers (5)

If you are getting showings but no offers it usually means that you are overpriced by about 5%.  You are not drastically high or the agents would not be showing your home at all.  The absolute reality is that it is a very competitve market and you need to be more than priced WELL.  You need to be the BEST priced home in a price range.  Remember that those competing represent the HIGH of the range.  With a declining market you need to be BELOW the recently sold inventory.
  • May 10 2009
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Profile picture for naturalnuggets
We've been on the market about 50 days which I realize is  not long at all. We are hoping hoping to move soon and can not purchase until this home sells.  We have heard from a few potential buyers that they felt the price was a little high so I'm thinking a price reduction is in order soon. 

I have gone in and deleted the duplicate photos.  Hopefully this will help out! 

Thank you so much for your replies!
  • May 10 2009
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naturalnuggets,

In general, when you put the house on the market and
 
1) agents are not requesting showings, it is, most likely, because AGENTS think the house is overpriced,

2) agents and buyers do preview the house, but there are no offers, it is because the BUYERS think the house is overpriced.

In your case, since you "have had tons of interest and only positive feedback" but NO OFFERS, my only suggestion is that the positive feedback was mostly polite in nature, and it is possible that there are many equally nice homes on the market.  Every home listed on the market must pass the comparison test - the only solution is to lower the price if you want to be more competitive, or offer other incentives to buyers, like paying closing costs or prepaying points.

Home buyers shop by comparison and look for value.
  • May 10 2009
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Profile picture for wetdawgs
How long have you been on the market?

Are homes in your price ranging selling in your neighborhood?   What comps did you use to come up with the price?   

If you want to sell quickly, dropping the price may help.

I looked at the Zillow photos.   It would be to your benefit to have the photos cleaned up.  For example, there are duplicates of several of the photos.  The first one to appear is a fuzzy photo of the front.   Later on there is a nice crisp (i.e. in focus) photo of the front (which is far better).   There are several duplicates within the group.   It may also be of benefit to toss all the outside photos and get some with leaves and the lawn mowed.

  • May 10 2009
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Keep in mind that there are three important elements to getting a house sold... Presentation, Promotion, and Pricing.  Ample showings suggest that you have decent promotion.  Positive comments suggests that the presentation is acceptable.  That only leaves price as an option. 
  • May 10 2009
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