We all can understand the need to sell our home at the price we bought them for, or at a price that is very near to the original figure. However, in real life, hardly anyone gets the luxury of doing that. If you are looking to buy a house, you are more than 
likely to come across overpriced houses. How to identify them is the real question here. This post deals with some ideas on how you can figure out if a listing is overpriced when you are house hunting. Overpriced houses are quite common in real estate. The reason for this is not very difficult to understand. Over the years, we grow attached to our house and we think it is better and hence, worth more than the others in the neighbourhood. However, that is a wrong approach. The sellers need to understand the market value of the house and decide on a reasonable price. Check out some of the ways on how you can identify overpriced properties.
Compare with Other Listings in the Area
Take a look at the other houses in the market that are similar to yours. Check out their condition and the price they are asking. It is better if you can track it for a few weeks before making a decision. It is better if you can also pull up information on the sold properties in the area. Your agent might be willing to help you with this.
Period of Time the Property on the Market
If a property is really worth the money it has been priced at, it will be grabbed up in an instant. If it has been sitting in the market for quite some time, chances are that it is a bit overpriced. Additionally, if you don’t see any offers or inspections booked for the property, it is possible that the house is indeed overpriced.
Condition of the House
Check out the condition of the property and see if it has been properly maintained. Also, check whether you would need to make any repairs immediately. If yes, you should probably choose to pay more and get a better house rather than getting it for a lower rate and then spending a fortune on repairs. Some house may have had complete renovations and remodelling. Bathroom and kitchen remodelling can be a great price booster. However, at times, some buyers are just looking to buy a good house at a reasonable rate. The expensive finish and upgrades will not matter to them.
Does the Location Suit the Price?
One of the best ways to determine if a property is overpriced is to see whether it fits into the location. A good house in an undesirable location will put a damper on the buyer’s spirits. And if it’s priced high, there a very high possibility that it really is not worth it. To put it simply, the better the neighbourhood, the more the price will be.
Still unsure if a property is overpriced? Let Bonnyville Homes help you navigate the real estate market. Get in touch today!