Here are some common dangers associated with overpricing your home.
Are you thinking about selling your home soon? It’s a fantastic market for sellers, but that doesn’t mean you can overprice your house and still get a great deal. Today I want to talk about the dangers of overpricing your home when selling.
What causes sellers to overprice their homes? Some think that prices are driven up by people listing higher, but this isn’t true. Competition drives up home prices, and if you overprice, there could be less competition for your house.
Others are emotionally attached to their homes and believe they are more valuable than they actually are. Whether you’ve raised a family somewhere or added personal touches, your buyer isn’t likely to pay extra for sentimental value.
It seems obvious, but buyers look at price ranges they can afford. A buyer who decides they only want to look at homes below $300,000 won’t ever see your $325,000 property, even if it’s a great fit for them.
Another reason not to overprice your home is to avoid sitting on the market too long. If your house stays on the market for too long, buyers will begin to wonder what’s wrong with it. In the end, you’ll probably have to lower your price below what you could have received otherwise. You’re going to get your best deal within your first two weeks on the market. Anything over that is a red flag for buyers.
One last thing to consider is that our market is shifting due to rising interest rates. If prices stagnate or go down, you might have to lower your price to chase the market. This will keep your home on the market and hurt your bottom line.
If you don’t want to overprice your home, what should you do? Unfortunately, online evaluations aren’t always accurate. They don’t know about all the details in your home and can vastly over or underprice your property.
Instead, work with an experienced real estate agent like myself. I can do a comparative market analysis to give you the most accurate home valuation possible. Plus, I can market your home to bring in as many buyers as possible and get you a fantastic deal.
If you want to find out the true value of your home or have any questions, please call or email me. I am always willing to help!