The Pitfalls of Overpricing Your Home

Dated: January 14 2021

Views: 150

 

Nothing can slow down the process of selling your home faster than overpricing. It is the number one reason that houses don’t sell. I specialize in selling homes in your area. I would be happy to share my knowledge and expertise with you, and offer the enclosed neighborhood update I’ve created specifically for your community.

Coming Down in Price and the First 30 Days

“We can always come down in price later, right?” is a question that sellers very often ask me. In my experience, the first 30 days see the most buyer traffic. Pricing high then dropping down later could mean that you are missing out on the best, most serious potential buyers.

Other Agents and Too Much Time on the Market

Many agents won’t show any overpriced listings. When inventory is at a high, agents show homes that are in the potential buyers’ price range which meet current Fair Market Value. When a home is overpriced, it sits on the market. This can work against you and for your competition, meaning potential buyers will see your property as a selling point for other properties. You don’t want buyers to be saying that they can get the same house for less! The more time on the market also means that buyers will question whether or not something is wrong with the house. Buyers tend to ask two questions right off the bat, “What’s the price? And how long has it been on the market?”

Cautious Lenders and the Final Sale

Lenders today are more cautious than ever. Loans are based off appraisals. Appraisals are based off comparable properties that have been sold. Generally, when a house goes on the market overpriced it ends up selling for less than market value. There are less buyers interested and you lose some of your leverage because of the length of time the property was on the market.

As your Realtor, I will work with you to price your home accurately. I will work my hardest to get you the Fair Market Value for your home so you don’t run into the problems I’ve outlined above. I want you to get the most money that you can for the sale of your home and will work with you each step of the way.

I specialize in the representation of homeowners from your community and believe you deserve access to the most current, objective and comprehensive information affecting the value of your home. If you require the services of a real estate professional now or in the future, please feel free to contact me.

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Anne Butcher

Award-winning agent including America's Top 100 Real Estate Agents from 2019 and 2020. A full-time Real Estate Agent since 2003 and a certified negotiation expert. Awarded eXp Realty Icon Agent Statu....

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