There are many great Bucks County area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (215) 519-1399 for a FREE home buying or selling consultation to answer any of your real estate questions.
We recently spoke with a seller who asked a questions that we thought would make for a great discussion. The question was this: If someone likes my home, but they feel that the price is too high, won't they just make a lower offer?
While the reasoning makes perfect sense, we can say from real world real estate experience that the overwhelming majority of buyers will not even make offers on homes that they thing are significantly overpriced.
In Bucks County, there are clear indications that the market is shifting back to conditions that are more favorable to buyers. There are a lot more homes on the market than there were at this time last year and pending sales are down as well. So, why is it that buyers don't just make low offers on homes they like but think are priced too high?
Not that it never happens, because it does, but part of the reason most people don't is psychological. Most buyers aren't comfortable making an offer on a house when they perceive that the offer is so low it would be insulting to the seller.
The overwhelming majority of buyers won't even look at an overpriced
home, or if they do, they will just look and pass instead of trying to
low-ball the seller.
A second issue has to do with comparable homes. Homes that buyers are comparing the overpriced one with actually offer more value. In many cases, the overpriced home will help to sell the correctly priced house.
How high is too high? If a house is 10-15% higher in price than it should be given market conditions,
an overwhelming majority of buyers won't make an offer, even if they
think it's a good fit. It is important to price your home correctly and
if your home has been on the market for a while now, you may want to
adjust your price. If you have any questions about this topic or want
some advice on properly pricing your home, give us a call and we can
help you out.
