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Too High To Buy
Over-Priced Homes- How to Identify Them
By Brett Bonecutter
Every year since 1965, we’ve all watched the Christmas classic, A Charlie Brown Christmas and this year will be no exception. You might be surprised to learn the producers thought the special would be a disaster.
Why? For one, the soundtrack was a jazz score, not traditional Christmas music. There was no laugh track added which was the standard for televised animation and most any comedy on TV in those days.
Yet the production was a success, so much so A Charlie Brown Christmas received both an Emmy and the Peabody Award. You just never know sometimes whether something will be a success or whether it will be a flop.
In real estate, home owners can overprice their homes, wishing for an outcome that’s probably not very likely, yet they hold onto their price. That means the sellers think their home is worth more than surrounding properties for any variety of reasons.
Typically the reason is more emotional than practical and ultimately the home sits on the market for months while others in the neighborhood have sold. How can you identify an overpriced home?
The obvious way is to compare the list price of the property with similarly priced homes in the area. If the home you’re considering is way much higher compared to the others, it’s very likely the home is overpriced.
Another way is to compare how long the home has been on the market compared to other homes recently sold. Homes on the market for a long time could indicate a stubborn seller.
Has the property gone through extensive renovations and upgrades? Some homeowners make so many upgrades thinking they’ll get more money when the sell at some point the reverse is true and the sellers soon realize they’ll never get their money back through the upgrades they made.
It’s an age-old rule of thumb in real estate- lower priced homes in a neighborhood bring down the price of the highest-value home in the area. If it’s a home you’re interested in, certainly work with your agent and take a peek. But if you think the home is overpriced and your agent agrees, it might be time to look at other properties.
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