All sellers want to get the most they can out of their home sale. However, there are some issues associated with listing your home for too high of a price. Today, I’ll be discussing the five dangers of overpricing your property.
- An overpriced home will lead to fewer showings. The fewer showings you have, the fewer chances you have to get an offer on your home.
- An overpriced home will attract the wrong buyers. Buyers seek out homes based on their price brackets. If your home is missing the features and amenities of other homes within the price range you’ve placed it in, buyers are going to notice. Buyers who are looking in a given price range know what they want and expect from homes. You must price your home according to its true value so that you can capture buyers who will be legitimately interested.
“Overpricing your home when you put it on the market can be a huge mistake. Today, I’ll explain why.” - An overpriced home helps your competitors.If a buyer looks at your home and then visits another that is priced the same but comes with more features, your competitor’s home will look like a much better deal.
- An overpriced home takes longer to sell. In some cases, overpriced homes may not sell at all.
- An overpriced home that is later reduced won’t have the same impact. If you lower your home’s price after it has already been sitting on the market, it will lack the impact of a new home coming onto the market that was priced correctly from the start.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
