What Happens When You Overprice Your Home?
Posted August 9th, 2016 by Clarissa Gregg

Selling a home is not always an easy process, especially when you have been living there for decades with memories surrounding you at every turn. As a seller, it is your choice, based on your real estate agent’s recommendation, where to price your home. Oftentimes, a seller has a number in mind and they will not budge below that number. Perhaps selling below that number would mean losing money on the sale or not walking away with enough for the next move. However, overpricing your home can often cause more harm than good. As you begin to think about selling your home, consider these issues you may run into if you overprice your home.
1. You help sell other homes: Simply put, if your home is exactly the same as Sally and Tom two doors down, but yours is priced $100,000 more, you can guess whose home will likely be sold first. When an agent prepares a Comparative Market Analysis, it is a tool to help them assist you in selecting the best price for your home based on what is on the market currently. You will certainly want to price your home competitively, but if you are $100,000 above everything else in your neighborhood, it is highly likely those other homes will be sold first.
2. Fewer showings: In today’s market, most buyers have a set home in their mind, and a set price they are willing to spend. If your home is perfect for them but miles out of their price range, it is likely they won’t even bother to set up an appointment to see it.
3. You won’t make us much on your home in the long run: Typically sellers who are more aggressive with their pricing from the beginning end up selling their homes for closer to their asking price than those who overprice their homes. They also end up spending less time on the market.
When you work with Moving Station, we are there alongside you, providing advice about the best asking price to maximize your home’s value while still being competitive for your market. We work as a team with you and your real estate agent to help you make smart decisions about pricing your home so that you can move on to your new home.

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