The Dangers of Overpricing Your Home
The reason why you should not overprice your home is simple. It won’t sell! In addition to not selling when you overprice your property the odds are stacked against you that it will sell for what it should if priced properly from day one.
The process of selling a home can be an emotional roller coaster, one that many people are not adequately prepared for. What your home means to you and what you imagine it to be, must come to terms with the real world of the current real estate market. And nowhere does this clash become more apparent than in pricing your home.
You are putting your home on the market to sell it. This may seem like a given, but you would be surprised how many people miss this important fact when they begin working on listing their home. Everything you do in the listing and selling process is meant to accomplish this goal. It may be one of your most prized possessions, but the price the market will bear is the most important factor in the sale of your home.
Trying to price your home too high – because you paid a certain amount for it, or because it means so much to you – is a sure way to stall the successful sale of your property. Buyers don’t care that you need X amount of dollars from your home because you are buying something elsewhere. All a buyer cares about is paying the fair market value. Overpricing a home is right at the top of the list for reasons why a home does not sell.
Stay Realistic on Home Pricing
75% of Real Estate marketing is the price that is set for your home. All of the marketing and advertising in the world will not sell an overpriced home. If you don’t price your home correctly all of the rest of the marketing will be senseless.