If Your House Hasn’t Sold Yet, It May Be Overpriced

Has your house been sitting on the market a while without selling? If so, you should know that’s pretty unusual, especially right now. That’s because the supply of homes available for sale is still far lower than what we’d see in a normal year. That means buyers have fewer options than they usually would, so your house should be an oasis in an inventory desert.

So, if homebuyers have limited choices and your house still hasn’t sold, there’s a reason why. Let’s break one potential sticking point that may be turning buyers away: your asking price.

Especially with today’s higher mortgage rates already putting a stretch on their budget, buyers are being a bit more sensitive about price. As a recent article from the Wall Street Journal (WSJ) says:

If you are serious about selling your home now, don’t get greedy with the asking price. This is still a seller’s home market as there simply aren’t enough affordable homes for sale in many parts of the country. But with average 30-year mortgage rates above 6%, buyers are much more price-sensitive than they were a year ago.”

Why Setting the Right Price Matters

While you want to maximize the return on your investment when you sell your house, you also need to be realistic based on current market conditions. The simple truth is your house is only going to sell for what people are willing to pay right now.

This can be a hard thing to accept. Especially since emotions can run high during the selling process, which only complicates matters more. After all, you may have lived in this house for years, so it’s only natural you’re emotionally tied to it – and those heartstrings can make it harder to be objective. 

But it’s important to acknowledge that a bigger-than-expected price tag deters buyers and may make them dismiss your house as a possibility before even seeing it. And if no one’s looking at it, how will it sell?

If you want to get your house sold, you’ll need to do something to spark interest in your home again. That’s where a local real estate agent comes in. They’ll help use data to find out if it’s priced too high for your local market. They balance the value of homes in your neighborhood, current market trends and buyer demand, the condition of your house, and more to find the right price for your house, so you can close this chapter and start your next one.

Bottom Line

While it’s true there aren’t that many homes available for sale right now, your home’s asking price still matters. And, if it’s not selling, it may be priced too high. 

Thank you for joining us on this insightful journey into the dynamic world of Telluride real estate. At Mountain Rose Realty, we understand the significance of every home's asking price in the current market landscape. As you navigate the Telluride real estate scene, consider the expertise of our dedicated team and the personalized guidance offered by Anne-Britt Ostlund.

For those seeking Telluride homes for sale, we encourage you to explore our comprehensive listings, curated to meet diverse preferences and requirements. Anne-Britt Ostlund's unparalleled knowledge of the Telluride real estate market ensures that you receive the utmost value for your investment.

Even in a market with limited available homes, finding the right balance in pricing remains crucial. If your property isn't attracting the attention it deserves, it may be worth reassessing its listing price. Our team at Mountain Rose Realty is here to assist you in navigating the intricacies of pricing, ensuring your home receives the attention it deserves.

Discover your dream home in Telluride with Mountain Rose Realty. Explore our listings today and let Anne-Britt Ostlund guide you seamlessly through the process. Your ideal home in Telluride awaits, and we are here to make your real estate journey a success.

For an unmatched experience in Telluride real estate and to explore homes for sale in Telluride, CO, trust Mountain Rose Realty and Anne-Britt Ostlund. Your dream home is just a click away.

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