Why You Need to Take a Second Look at Overpriced Homes

Most people automatically assume that if a house does not sell, it has a problem and that is why potential buyers are avoiding it. However, this is not always the case. Invariably, it has been noticed that homes that are overpriced do not get offers. And, the best part is, there are several reasons why potential buyers do not make offers.

Why Potential Buyers Do Not Make Offers?

Here are some of the most common reasons why potential buyers do not make offers on homes that are overpriced:

• They think that by making an offer that is much lower than the asking price that they will insult or embarrass the homeowner. They also feel embarrassed about making a low offer.
• Buyers often assume that the homeowner knows that he has overpriced the house, and if he wanted to sell the house for less, he would have asked for a lower price.
• Potential homebuyers also have the misconception that the homeowner must have already turned down low offers from other potential buyers, as he must have received a few offers. The fact is that more often than not, homes that are overpriced do not get any offers.

So, even if a home is overpriced, it should not deter you. Take a close look at it and see whether it suits your needs.

Finding an Overpriced House

The best way to find overpriced homes is to check with your realtor. Find out what is the average 'days on the market' for your neighborhood. Then get a list of all homes that have been listed longer than the average days on the market. Invariably, a good realtor would know all the homes on the list. So, tap into your realtor to find out more about these homes. Then begin visiting these overpriced homes to see if you can find one that suits your needs and requirements.

Making an Offer

Many overpriced homes are owned by people who are looking to sell quickly. And these sellers do not know that their homes have been listed with an unrealistic asking price. Hence, if you reason with such homeowners logically as to why they should take your offer, you will find the owner will be conducive to accepting your lower offer even though he may have previously turned down similar offers. Here, it is all about timing and holding a reasonable and logical discussion with the seller. Try to convey to the seller that you would like to make a lower offer and the reason for it. You will be surprised at how receptive homeowners can be.

The reason why you should take a look at overpriced homes is that most of them are beautiful and gorgeous homes that are overlooked by potential buyers because of their asking price. Buyers do not even visit these homes. However, you should not make this mistake. Do check out these homes as, you never know, you may end up finding the home of your dreams.

Source: PropertyCluster.com/Blog