Selling a home can be emotional. Finding a listing price and coming to terms with that price is no different. You have memories there and the house means a lot to you – but that can’t be the deciding factor for a list price. In fact, overpricing a home is the top reason a home won’t sell. Buyers don’t care about the emotional attachment, they care about the bottom line.
An overpriced home takes longer to sell. Sometimes an overpriced home won’t sell at all. There is an ideal amount of time to sell a property. A house that takes too long to sell runs the risk of the listing expiring. When that happens there is a stain on that property that’s difficult to eliminate. People think there’s something wrong with the property and shy away from it, even if you relist it.
You open yourself up to lowball offers. These occur most often when a home is overpriced. You run the risk of getting an offer far lower than if you had started with a fair market price.
You won’t show up in search results. Most buyers get information from their realtors and their own searches. Savvy buyers use consumer real estate sites to search homes. Those buyers and agents will use a price range as criteria and you risk losing out on all those searches when overpricing your home.
Appraisal problems. If you’re lucky enough to get an offer and enter into a contract, you’ll likely have an appraisal done on the home. Banks require an appraisal on a property they’re loaning money on. When a home is overpriced you’re going to run into problems being able to support that price. This can take you right back to square one: an overpriced property and no buyers.
I want to get you top dollar for your listing!!! I’ll also be honest with you. Of course, there are some less scrupulous agents that will tell you what you want to hear. But I want you to avoid these pitfalls while still getting you the most money for your home. Call me and I can run a market analysis and help you set the price for listing your home!