If you are contemplating pricing your home on the higher side of the suggested list price range, think again. We last shared that homes that have experienced a price reduction, sell at a lower price than homes well priced. Below are several reasons why we recommend you price your home competitively:
- “Ironically, instead of getting more money, over-pricing a home usually stigmatizes a property and reduces the eventual sale price to less than it would have been with more realistic pricing.” - House Selling for Dummies
- Most Buyers will not make offers on homes they consider significantly overpriced. Either they don’t want to waste their time or are uncomfortable with possibly “offending” the Seller. Typically, they simply move on to other listings.
- Overpricing wastes the introduction period of a listing to the marketplace which is always when the listing receives the highest level of attention from both Buyers and brokers. This moment cannot be recaptured.
- Overpriced homes kill any sense of Buyer urgency and take much longer to sell, which then significantly reduces value in Buyers’ minds: “There must be something wrong with it if it hasn’t sold by now.” It almost always eliminates the possibility of competitive bidding.
- Overpricing helps sell competitive properties since they stand out as good values in comparison.
We are on standby to make a difference to your bottom line! We have the experience and market insight on pricing to move the needle in the right direction. Ask us how!
Dana & Team