5 Dangers Of Overpricing Your Home
It is still a great time to be a seller, but the local real estate market has begun to soften. With significant increases in inventory, buyers now have more choices and are taking their time in making a decision. If you are thinking about selling your home, pricing it correctly the first time is critical. Here’s why:
- An overpriced home leads to fewer showings. Fewer showings means fewer chances you have to receive an offer.
- An overpriced home will attract the wrong buyers. If Buyers perceive your home is not a good value within the price bracket they are looking in, they will not be interested in your home.
- An overpriced home helps your competitors. If a buyer looks at your home and then visits another that is priced the same but comes with more features or value, your competitor’s home will look like a much better deal.
- An overpriced home takes longer to sell. In some cases, overpriced homes may not sell at all.
- An overpriced home that is later reduced won’t have the same impact. If you lower your home’s price after it has already been sitting on the market, it will lack the impact of a new home coming onto the market that was priced correctly from the start.