How to tell if you are over-priced

I believe that when a home owner calls me to sell their home, that is in fact the goal, sell their home.  I do a lot of work before meeting with them and during the life of the listing and I don’t want to waist time or money for me or the home owner.  Part of the work is figuring out what their property is worth in today’s market and making a plan to adjust the evaluation once we are in the market.  I explain this to the sellers and part of the plan is what has become known as the Rule of Tens.

• If the house is on the market for 10 days with no calls or showings…it’s over-priced
• If the house has 10 showings and no offers…it’s over-priced

If either of these events are triggered, than it’s time to talk about a price adjustment.  I have this discussion on front so that the sellers have an opportunity to give it thought and be prepared for the discussion when I call to meet.  This is part of what makes me a successful agent.

How about you, can you think of any other indications that a property is over-priced?

Related posts:

1. Getting an Offer for your Home
2. Selling a Home Quickly
3. Sometimes I do too good a job
4. Agent won’t return phone calls
5. Signs you have a bad Realtor