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Every&nbsp;<a href="https://www.simplifyingthemarket.com/2024/09/03/should-you-sell-now-the-lifestyle-factors-that-could-tip-the-scale/?a=557222-8291ce85f7eeba08632c90e1c27f059e">seller</a>&nbsp;wants to get their house sold&nbsp;<a href="https://www.simplifyingthemarket.com/2024/07/17/why-fixing-up-your-house-can-help-it-sell-faster/?a=557222-8291ce85f7eeba08632c90e1c27f059e">quickly</a>, for as much money as they can, with as few&nbsp;<a href="https://www.simplifyingthemarket.com/2024/08/30/how-to-avoid-todays-top-seller-mistakes/?a=557222-8291ce85f7eeba08632c90e1c27f059e">headaches</a>&nbsp;as possible. And chances are, you&rsquo;re no different.
But did you know one of the biggest things that could jeopardize your success is the&nbsp;<a href="https://www.simplifyingthemarket.com/2024/08/21/the-number-one-mistake-sellers-are-making-overpricing-their-house/?a=557222-8291ce85f7eeba08632c90e1c27f059e">asking price</a>&nbsp;for your home? Pricing your house correctly is one of the most crucial steps in the selling process.
So, how do you know if you&rsquo;re missing the mark? Here are four signs your high asking price might be turning potential buyers away&mdash;and why leaning on your&nbsp;<a href="https://www.simplifyingthemarket.com/2024/08/20/how-to-choose-a-great-local-real-estate-agent/?a=557222-8291ce85f7eeba08632c90e1c27f059e">real estate agent</a>&nbsp;is the best way to course correct.
<h4>1. You&rsquo;re Not Getting Many Showings or Offers</h4>
One of the most obvious signs your house may be overpriced is a lack of showings. If it's been on the market for several weeks and only a few buyers have come to see it&mdash;or worse, you haven&rsquo;t gotten any&nbsp;<a href="https://www.simplifyingthemarket.com/2024/08/06/helpful-negotiation-tactics-for-todays-housing-market/?a=557222-8291ce85f7eeba08632c90e1c27f059e">offers</a>&mdash;it could be a clear indication the price isn&rsquo;t matching up with what buyers expect. Because buyers who have been looking for a while can easily spot (and write off) a home that seems overpriced.
Your real estate agent will coach you through this, so lean on their experience for what you may want to try to bring more buyers in, including considering a price cut.
<h4>2. Buyers Have Consistent Negative Feedback after Showings</h4>
And if after the showings you do have, comments from the potential buyers aren&rsquo;t great, you may need to course correct. Feedback from showings is an important part of understanding how buyers see your house. If they consistently say it's overpriced compared to other homes they&rsquo;ve seen, it&rsquo;s time to reconsider your pricing strategy.
Your agent will gather and analyze this feedback for you, so you can look at how your house stacks up in the market. They can also suggest specific&nbsp;<a href="https://www.simplifyingthemarket.com/2024/08/09/home-inspections-for-sellers-how-to-prepare/?a=557222-8291ce85f7eeba08632c90e1c27f059e">improvements</a>&nbsp;or staging changes to better justify your asking price, or recommend one that aligns with today&rsquo;s buyer expectations. As the&nbsp;National Association of Realtors&nbsp;(NAR)&nbsp;<a href="https://www.nar.realtor/determining-asking-price" target="_blank" rel="noopener noreferrer">explains</a>:
<blockquote>&ldquo;Based on all the data gathered, agents may make adjustments to the initial price recommendation. This could involve adjusting for market conditions, property uniqueness, or other factors that may impact the property's value.&rdquo;</blockquote>
<h4>3. It&rsquo;s Been on the Market for Too Long</h4>
And that lack of interest is ultimately going to lead to it sitting on the market without any serious bites. The longer it lingers, the more likely it is to raise red flags for buyers, who may wonder if something is wrong with it. Especially in today&rsquo;s market with growing inventory, a long listing period means your house is&nbsp;<a href="https://www.simplifyingthemarket.com/2024/06/25/how-long-will-it-take-to-sell-my-house/?a=557222-8291ce85f7eeba08632c90e1c27f059e">stale</a>&nbsp;&ndash; and that makes it even harder to sell.
Your real estate agent will be able to give you perspective on how quickly other homes in your area are selling and walk you through what&rsquo;s working for other sellers. That way you can decide together if there&rsquo;s something you want to do differently. As a&nbsp;Bankrate&nbsp;article says:
<blockquote>&ldquo;Check with your agent about the average number of days homes spend on the market in your area. If your listing has been up significantly longer than average, that may be a sign to reduce the price.&rdquo;</blockquote>
<h4>4. Your Neighbor&rsquo;s House Sold Without an Issue</h4>
And here&rsquo;s the last one to watch out for. If similar homes in your area are selling faster than yours, it&rsquo;s a clear sign that something is off. This could be due to things like a lack of upgrades, outdated features, or a less desirable location. Or, it may be priced too high.
Your agent will keep you up to date on your competition and what changes, if any, you need to make your home more competitive. They&rsquo;ll offer advice on small updates that could increase your home&rsquo;s appeal or how to adjust your strategy to reflect the reality of the market today.
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<h3>Bottom Line</h3>
Pricing a home correctly is both an art and a science. It requires a deep understanding of the market and buyer psychology. And when the price isn&rsquo;t drawing in buyers, there&rsquo;s no better resource than your agent on what you may want to do next.&nbsp;
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Every seller wants to get their house sold quickly, for as much money as they can, with as few headaches as possible. And chances are, you’re no different.
But did you know one of the biggest things that could jeopardiz

Is your house overpriced and turning away potential buyers? Learn four signs that your asking price might be too high and how to course correct with the help of your real estate agent. Discover tips for pricing your home competitively and attracting more offers.

Is Your House Priced Too High?

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<img title="march-2019-mvp.png" src="https://p6-prod.s3.amazonaws.com/cms/3m97Vy7s2AUTcjoK5wNvv0jHIofmjSQZMNI7zBXP.png" alt="" width="643" height="338" />
It&rsquo;s easy to look up how much money you have in your savings account or the real-time value of your stock investments. But determining the dollar value of a home is trickier.
As a seller, knowing your home&rsquo;s worth helps you price it correctly when you put it up for sale. If you price it too high, it may sit on the market. But price it too low and you may be losing out on a good chunk of money (nobody wants that!). For buyers, it&rsquo;s important to know a home&rsquo;s worth before you make an offer. You want your offer to be competitive, but you don&rsquo;t want to overpay for the property. 
Even if you&rsquo;re not a buyer or seller right now, as a current homeowner you might just be curious about the value of your home. Keeping track of your home&rsquo;s worth year over year helps you understand the trends in your market. So when you are ready to sell, you can take advantage of a good window of opportunity. 
The good news is, a trained real estate agent&mdash;who understands the nuances of your particular neighborhood&mdash;can determine the true market value of your property &hellip; and at no cost to you!
&nbsp;
THE THREE TYPES OF HOME VALUES 
When you start the process of buying or selling a home, you&rsquo;ll frequently hear the words appraised value, assessed value, and true market value. It&rsquo;s important to know the difference between each one so you can make better, informed decisions. 
&nbsp;
Appraised Value
A professional appraiser is in charge of determining the appraised value of a home. These appraisals are typically required by a lender when a buyer is financing the property. And while the lender is the one requiring this information, the appraiser does not work for the lender.1&nbsp;Your appraiser should be an objective, licensed professional who doesn&rsquo;t have allegiance to the buyer, seller, or lender&mdash;no matter who is paying their fee.
The number the appraiser comes up with (the appraised value) assures the lender that the buyer is not overpaying for the property. For example, imagine a seller lists a home for $400,000. They reach a deal with the buyer to sell the home for $375,000. However, if an appraiser evaluates the property and determines that the appraised value is actually $325,000, then the lender will not lend for an amount higher than that appraised value of $325,000.2
When figuring out this number, an appraiser will compare the property to similar homes in your neighborhood, and they&rsquo;ll evaluate factors such as location, square footage, appliances, upgrades, improvements, and the interior and exterior of the home. &nbsp;
&nbsp;
Assessed Value
The assessed value of a home is determined by your local municipal property assessor. This value matters when your county calculates property taxes each year. The lower your assessed value, the less property tax you&rsquo;ll pay.3
To come up with this value, your assessor will evaluate what comparable homes in the neighborhood have sold for, the size of your home, age, overall condition, and any improvements or upgrades that have been made. However, most assessors don&rsquo;t have full access to your home, so their information is limited. 
Assessments are done annually to determine how much property tax you owe. Many counties use a multiplier (typically between 60%-80%) to calculate the final assessed value. So, if the assessor determines that the value of the home is $300,000, but the county uses a 70% multiplier, the assessed value of the home would be $210,000 for tax purposes.4
If your assessed value isn&rsquo;t as high as you envisioned, don&rsquo;t sweat it. Many homeowners appeal their assessment in favor of a lower valuation so that they can save money on property taxes. If you&rsquo;re interested in appealing your property tax assessment, let us know. We offer complimentary assistance and would be happy to help you build your case.
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True Market Value
True market value is established by your real estate agent. It basically refers to the value that a buyer is willing to pay for the property. A good real estate agent is an expert in determining true market value because they have hands-on experience buying and selling properties. They understand the mindsets of buyers in your market and know what they&rsquo;ll pay for a desirable house, townhouse, or condo.
As a seller, knowing your true market value is important because it helps you choose how much to list your property for. It can also help you decide if you want to make any improvements to your home before putting it on the market. Your agent can help you figure out which updates and upgrades will have the biggest impact on your true market value.
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WHAT&rsquo;S THE DEAL WITH ONLINE CALCULATORS? 
When figuring out your home&rsquo;s value, you might be tempted to see what popular real estate sites like Zillow, Redfin, and Trulia have to say. When you use an online calculator to determine your home&rsquo;s value on these sites, it is just an estimate. It&rsquo;s not an actual appraisal or the &ldquo;true market value.&rdquo; These sites all have their own algorithms for coming up with their estimates. For example, Zillow comes up with their &ldquo;Zestimates&rdquo; by calculating &ldquo;public and user-submitted data, taking into account special features, location, and market conditions.&rdquo;5
These online estimates can be a great starting point for opening up the conversation with your real estate agent about your home&rsquo;s worth. But even Zillow recommends that you use a real estate agent for coming up with the actual market value of your home. The site says that once you get your &ldquo;Zestimate,&rdquo; you should still get &ldquo;a comparative market analysis from a real estate agent.&rdquo;
Having an agent involved in this process is essential because they understand the market better than a computer ever could. They&rsquo;re showing property in your city every single day, and they know the particular preferences of buyers and sellers in the area. Young professionals, large families, empty nesters, and other groups are all looking for different things in a home. A local agent has most likely worked with all of them, so they understand what every segment in your market is specifically looking for. 
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<img class="size-medium wp-image-195 aligncenter" src="http://myagent.site/content/uploads/2019/03/march-mvp-b.png" alt="" width="677" height="356" />
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HOW AN AGENT FINDS YOUR HOME&rsquo;S TRUE MARKET VALUE
So, how does an actual real estate agent determine true market value? They&rsquo;ll start by doing a comparative market analysis (CMA). This means they&rsquo;ll compare your home&rsquo;s features to similar properties in your area. For the CMA, the agent looks at the below factors to influence their assessment of your home&rsquo;s worth:6
&nbsp;
<ul>
<li style="font-weight: 400;">Neighborhood sales - Your agent will look at similar, recently sold homes in your neighborhood to see what they sold for and what they have in common with your house. </li>
</ul>
&nbsp;
<ul>
<li>The exterior - What does your home look like from the outside? Your agent will factor in curb appeal, the style of the house, the front and backyard, and anything else that impacts how the house looks to everyone walking and driving by.</li>
</ul>
&nbsp;
<ul>
<li style="font-weight: 400;">The interior - This is everything inside the walls of the house. Square footage, number of bedrooms and bathrooms, appliances, and more all influence the overall market value.</li>
</ul>
&nbsp;
<ul>
<li>Age of the home - Whether you have a newer or older home affects the number your agent comes up with as part of their assessment. </li>
</ul>
&nbsp;
<ul>
<li style="font-weight: 400;">Style of the home - The style of your home is important because buyers in different markets have different tastes. If buyers prefer ranch-style homes and you have one, then your home may sell for a premium (aka more money!). </li>
</ul>
&nbsp;
<ul>
<li>Market trends - Because a local agent has so much experience in your market, they have their finger on the pulse of your area&rsquo;s trends and know what buyers are willing to pay for a property like yours. </li>
</ul>
&nbsp;
<ul>
<li style="font-weight: 400;">Location, location, location - This one&rsquo;s probably the most obvious. Your agent will think about how popular the area is, how safe it is, and what schools are like. </li>
</ul>
&nbsp;
A computer algorithm simply can&rsquo;t take all of these factors into account when calculating the value of your home. The reality is, nothing beats the accuracy of a real estate agent or professional appraiser when it comes to determining a home&rsquo;s true market value.
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YOUR AGENT IS THERE EVERY STEP OF THE WAY
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&nbsp;
&nbsp;
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Determining a home&rsquo;s true market value is a real estate agent&rsquo;s forte. If you&rsquo;re a seller, your agent will help you find your home&rsquo;s market value so you can list it at the right price. 
For buyers, your agent will help you determine the value so you can come up with a fair offer. Your agent can also set up a personalized home search on the Multiple Listing Service (MLS) for you so you&rsquo;ll receive emails of listings that meet your criteria. This will help you see what&rsquo;s out there in your city and how properties are being priced. 
&nbsp;
Get a Complimentary Report With Your Home&rsquo;s True Market Value
Curious about your home&rsquo;s true market value? Call us to request a free, no-obligation Comparative Market Analysis to find out exactly how much your home is worth!
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Sources:
<ol>
<li style="font-weight: 400;">Chicago Tribune -&nbsp;<a href="https://www.chicagotribune.com/suburbs/chi-ugc-article-what-is-the-difference-between-market-value-a-2013-09-30-story.html" target="_blank" rel="noopener">https://www.chicagotribune.com/suburbs/chi-ugc-article-what-is-the-difference-between-market-value-a-2013-09-30-story.html</a></li>
<li style="font-weight: 400;">SFGATE -&nbsp;<a href="https://homeguides.sfgate.com/market-value-vs-appraised-value-1206.html" target="_blank" rel="noopener">https://homeguides.sfgate.com/market-value-vs-appraised-value-1206.html</a></li>
<li style="font-weight: 400;">ValuePenguin -&nbsp;<a href="https://www.valuepenguin.com/mortgages/what-is-the-assessed-value-of-a-house" target="_blank" rel="noopener">https://www.valuepenguin.com/mortgages/what-is-the-assessed-value-of-a-house</a></li>
<li style="font-weight: 400;">Movoto -&nbsp;<a href="https://www.movoto.com/blog/homeownership/assessed-value-vs-market-value/" target="_blank" rel="noopener">https://www.movoto.com/blog/homeownership/assessed-value-vs-market-value/</a></li>
<li style="font-weight: 400;">Zillow -&nbsp;<a href="https://www.zillow.com/how-much-is-my-home-worth/" target="_blank" rel="noopener">https://www.zillow.com/how-much-is-my-home-worth/</a></li>
<li style="font-weight: 400;">Realtor.com -&nbsp;<a href="https://www.realtor.com/advice/sell/assessed-value-vs-market-value-difference/" target="_blank" rel="noopener">https://www.realtor.com/advice/sell/assessed-value-vs-market-value-difference/</a></li>
</ol>

  It’s easy to look up how much money you have in your savings account or the real-time value of your stock investments. But determining the dollar value of a home is trickier.
As a seller, knowing your home’s worth helps you price i