What Overpricing Can Do To Your Home’s Eventual Sale Price

You will lose the excitement that a new listing generates

Agents are working with buyers who have seen what is currently on the market and are waiting for something new to be listed. Therefore, most activity will take place within the first fourteen days of a listing. Your home will probably receive its best offers during this time. After this initial period, the only people who come to look at your home will be new buyers in the marketplace.

You will lose the most qualified prospects

Potential buyers will not “make an offer” because they probably will never see your property. They will view the properties that are priced within their purchase-power range, knowing that they cannot afford anything above their price range.

Overpricing helps sell other more competitively priced homes first

Your home may become the example demonstrating the good value of other properties. Your objective should be to enter the market in a position that will attract prospects, not drive them away.

Your home may become stale on the market

Prospects may wonder why it has been on the market so long or if something is wrong with the property, even after you lower the price. You will likely have to settle for less than market value. A house takes on a reputation surprisingly fast, so do not wear out your welcome on the market.

You lose a strong negotiating position

When your house is on the market a long time, it hurts both financially and mentally. Prospects will not “rush” to make an offer on an overpriced property, and you may be faced with accepting less when they finally do. Buyers tend to expect more flexibility in negotiations the longer a home has been on the market.

AS YOU CAN SEE, pricing your home correctly will make a tremendous difference in how fast it sells and for how much. We make it our business to know the market and price our clients’ homes to sell for the most money in the least amount of time.