A clear sign is when the asking price is significantly higher than similar homes nearby, yet the property doesn’t offer anything special in return. If other apartments in the same building or street, with similar size and condition, are selling cheaper, and this one has no extra view, renovation or land advantage, it’s likely overpriced.
You can cross-check using recent sale data, local agents’ inputs and online portals. Also look at how long the listing has been sitting unsold. A property that’s been on the market for a long time with no serious offers, even in a reasonably active area, often signals a seller holding out for an unrealistic number.
Sometimes owners add emotional value to the price – “We raised our kids here, so it’s worth more” – but the market doesn’t pay for memories. If you see a big gap between this house and comparable ones, and the seller refuses to discuss it, that’s your warning flag.