If you’re thinking about selling your home and hoping to get the best price possible, there’s one big mistake you should avoid: overpricing. Let’s chat about why setting the right price matters more than you might think!
Timing is Key
You might think, “Why not price it high and lower it later?” This sounds reasonable, but here’s the thing: when your home hits the market, the best time to attract buyers is in those first 30 days. If you price it too high from the get-go, you could miss out on the most eager buyers who might pass you by.
Showings Go Down
As a real estate professional, I always want what’s best for my clients. Agents are more likely to show homes that are priced right for their buyers. If your home is overpriced, it might not even make the cut! With so many homes available, buyers will flock toward listings that match their budget and are in line with the current market value.
It Helps the Competition
When your home is overpriced, it doesn’t just sit there doing nothing. It actually helps other homes sell! Buyers see your high-priced home and think, “Wow, I can get a similar home for less!” That means your home could be working against you, making the competition look more appealing.
Issues with Lenders
Even if your home does attract a buyer willing to pay your high price, there’s still a hurdle. Many lenders are pretty cautious these days. They base their loans on solid appraisals and the value of homes that have actually sold recently. If your home doesn’t stack up, the financing could fall through, no matter how much someone wants to pay.
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An overpriced home tends to linger on the market longer than it should. And when a home sits unsold, buyers might start wondering, “What’s wrong with this place?” After all, one of the first questions buyers have is about the price and how long it’s been listed. A home that’s been hanging around for too long can raise red flags.
Time on the Market Matters
Lower Sale Price in the End
Unfortunately, starting with a high price often leads to selling for much less than you’d hope. With limited buyer interest and carrying costs adding up, many sellers end up with a lower payout than if they’d priced it right from the start.
Let’s Get the Right Price Together
If you’re ready to sell your home, don’t hesitate to reach out! I’d love to help you figure out the best price to meet your goals and get your home sold quickly. Let’s work together to make your home-selling experience as smooth as possible!
