Consequences of Overpricing

Dated: 04/03/2019

Views: 155

 

Consequences of Overpricing your Home

 

Everyone wants to sell their home for the most money in the least amount of the time, but nothing will bring the process to a screeching halt faster than overpricing. If you are thinking about selling your home, pricing it right the first time is crucial and here are 8 reasons why:

 

1.   Your house won’t show up in a search

Most buyers have a set of parameters they use to search for a home online, with price being one of the most important. If you price your home too high your house won’t show up in a buyer’s search.  

 

2.  Don’t receive many showings

Once your home is listed, it should see the most activity within the first couple of weeks. If you don’t see a few scheduled appointments, it is usually an indication it’s priced too high. Fewer appointments equal fewer chances of receiving an offer.

 

3.    Attract the wrong buyer

Buyers look at homes based on price, features, and amenities. If your home is overpriced, then your home will not rival homes in the price bracket you are listed. The missing features and amenities of your home will be noticed by buyers.

 

 

4.  Help your competition sell

If a buyer looks at your home and then another home in the same price range and it comes with more features and amenities it will look like a much better deal. 

 

5.  Takes longer to sale

The longer the house sits on the market, buyers will start to wonder what’s wrong with it.

 

6.  Reductions don’t have same effect

If your home has been sitting on the market and you lower the price it won’t have the same impact as a house new to the market. 

 

7.  You risk getting less for your home

The longer your home sits on the market, buyers start to think you will be willing to sell for considerably less than list price.

 

8.  More expenses you have

Each month your house sits on the market is another month of payments – mortgage, utilities, HOA fees, insurance, etc.

 

Pricing your home right from the start is crucial and overpricing is the main reason houses don’t sell. If you’re thinking of selling I can provide you with a comprehensive market analysis based on current market conditions.  If interested email me at lmunagorri1@gmail.com.

 

            What's my home worth?

 

Blog author image

Lorrie Munagorri

I am part of the Barefoot-Chandler & Associates Team as well as a dedicated and committed broker who consistently goes above and beyond for my customers. I am a hardworking Realtor whose authentic and....

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