Is Your Knoxville Home Overpriced?

price-tagYour Knoxville home is where you heart is. Inevitably, you’ve experienced countless memories there. You’ve put much love and effort into truly making it a place you can call home. So, when it comes time to sell your home, inevitably, it is an emotional experience. One of the biggest mistakes seller make is overpricing their home. So, before placing your home on the market, be sure to consider whether or not your home is overpriced. Because with Knoxville housing affordability at record highs, buyers have their choice of great deals and are unlikely to consider a overpriced home, no matter how great the home is.

Here are a few key signs to determine whether of not your home is overpriced.

Take a look at the homes for sale in your Knoxville neighborhood. Are they selling for similar prices? While certain improvements or other aspects can help increase or decrease the price of a home, those aspects will only increase to a certain point. Your home is inevitably influenced by the price of homes around it. So, putting $30,000 into a new kitchen does not inevitably increase the value of your home by $30,000, how much the value of your home increases all depends on how the homes around it compare to it. The first thing a REALTOR® will do when they recommend the price for your home is look at what properties around you have sold for.

You haven’t receive an offer and/or you have not had many showings. A home that is priced correctly will sell. It is as simple as that. Though, in slower market it may take slightly longer.

You’ve spoken to several REALTORS® and they are all recommending a similar price that you find to be “too low.” There is not denying that home prices have taken significant hits over the past few years. While home prices are beginning to rebound and Knoxville has been lucky not be hit as bad as other parts of the country, you probably won’t get the price you would have gotten when the market was at its peak. Just remember, Knoxville REALTORS® know the Knoxville market, after all, that’s their job.

Are you thinking about selling your Knoxville home? If so, please let us know if there is anyway the Knoxville Home Team can assist you. You can contact Rick at 865-696-9002 or by email at [email protected]. Kati can be reached at 865-696-1888 or by email at [email protected].