Dangers of Overpricing Your Home
Yes, we know your home is great!
And yes it may be nicer than your neighbors home but don't overprice your home! You are just setting yourself up to be disappointed. Be realistic. Price your house at fair market value. Review the comps. Tour your competition.
Overpricing your home can really cost you
and know your competition.
Here are five reasons you don't want to overprice your home.
Longer days on the market. No one rushes to make an offer on a home that's overpriced so it sits on the market, becomes stale and it takes longer to sell. A home for sale takes on a reputation pretty quickly so don't wear out your welcome on the market.
Help others sell their home. If another home in your community is on the market and priced right it may show the buyer that their home is a great value. Their home may sell faster and attract more buyers. They may even get multiple offers. We've all seen it happen!
Lack of Showings. Buyers don't want to spend their time touring overpriced listings. They don't think you are serious about selling and may assume you will be difficult during any negotiations.
Lower net proceeds. Often you have to settle for less than market value when you overprice your home. Once you start reducing the list price buyers may come in with an even lower offer. You don't have to take that offer but many times you are ready to be done and you'll settle for a lower price.
Low Appraisal. Even if you do get an offer quickly it might not appraise. If the appraisal comes in low the buyer will get nervous and start looking for everything that is wrong with the house and then they may decide it's not for them. And now you are without a contract.
Don't select an real estate professional that agrees to list your home for a higher price.
Hire the professional that will sell your home for fair market value!