Among most real estate professionals, there is a general consensus: the best way to increase your Sellers chances of selling their home in today’s market is to price their home at a fair market value. With more Sellers having to compete for fewer Buyers, you certainly don’t want Buyers to pass you over due to poor pricing.
Often Sellers disagree and want to ‘try a higher price first’ or ‘leave room for negotiation’. It’s our job to inform you, based on the current market, what the best pricing is to get your home sold. So why do sellers over price their homes?
Overpricing your home can negatively impact you in the following ways:
Stagnation: Your property sits for a long time and is becomes ‘stale’.
Tougher Negotiations: If you have made the mistake of overpricing your home and sits for a long time on the market if an offer does come in the buyers and their agent are likely to negotiate harder and use your stale property against you during the negotiation period.
No Showings: If your home is considered overpriced, buyers may not even look at it! It’s simple overprices homes don’t sell!!
Similarly, the wrong Buyers may be looking at it. If your Realtor has started overpricing your home at $50,000 the buyers in that price bracket could easily pass your home by to view properties that offer better value for money. In addition your property is not even on the radar of the right Buyer!
You may in fact be helping to sell your competition! By using your home as a comparable the buyers agent could easily make your competition (other Sellers homes) look like a bargain!
The average buyer sees 10-15 homes before they purchase, so why not make sure you’re one of them! Buyers agents are going to show similar homes that are priced more attractively and as a result, your listing will most likely be passed over!
Are you interested in learning more about pricing your home to sell?
All you need to do is say “hello,” and we’ll handle the rest.