Here’s why overpricing your home will never do you any favors.
Today’s message is for sellers: It’s important not to overprice your home. We all feel our house is worth at least a bit more than market value, but when you’re considering selling, you should sit down with a real estate agent and review the data. Here are a few reasons why it’s crucial not to overprice your property:
1. You don’t want it to sit too long. When a home stays on the market for a while, it tends to get “stale,” and fewer people will look at it. This means less opportunity for it to sell. The longer the house stays on the market, the more buyers will think something’s wrong with it.
2. You don’t want lowball offers. When you overprice a property, some buyers get overly aggressive and come in with offers lower than market value to compensate for the overpricing.
3. You won’t be satisfied. You will never be satisfied with the price you end up with if you overprice. For example, let’s say your home is worth $500,000, and you decide to list it at $550,000. If we end up getting a $500,000 offer, you’ll feel you aren’t getting a good offer because it was priced for more than that. In reality, that’s an excellent offer.
If you have questions about buying, selling, investing, or anything else in the Phoenix real estate market, please feel free to give me a call or send an email. I’m always available to help.