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Dangers of Overpricing a Home
Dated: April 19 2023
Views: 49
Although it is still a great time to sell, the local real estate market in much of the Western United States has begun to soften. Buyers now have more options and a lower sense of urgency, thanks to significant increases in inventory. If you are considering selling your home, it is critical that you price it correctly the first time. This is why:
1. Some search results will exclude your home if you overprice it.
Buyers search for homes based on their preferences. One of the most important considerations is the price range. If you set an unrealistic price for your home of $850,000, all buyers searching for homes up to $825,000 will miss your property in their search results.
2. An overpriced home attracts the wrong buyer.
An overpriced home will not compare favorably with the realistically-valued homes in a buyer’s price bracket. If your home is missing the amenities, square footage or other features of homes within the price range you’ve placed it in it won’t sell.
3. Overpriced homes sit on the market for too long and risk becoming "stale."
The interest in a home is always greatest when it first appears on the market. When an overpriced home remains unsold for an extended period of time, buyers frequently wonder what went wrong. When a buyer moves on from a listing, they rarely return, even if the price is reduced.
4. You risk getting less for your home than you would if you priced it correctly the first time.
According to a Zillow study, homes that linger on the market sell for significantly less than their listing price. When a home is on the market for an extended period of time, buyers believe they have plenty of negotiating power.
5. The longer your home is on the market, the more costs you will incur.
Every month that your home remains unsold, you spend money on mortgage payments, utilities, and other home expenses that you will never be able to recover.
Setting a reasonable asking price for your home from the beginning is critical. If you're thinking about selling, at Sharp Homes Realty, we can provide you with a comprehensive pricing analysis based on current market conditions.
Get in touch.
Danielle Sharp
Full time REALTOR since 2002, I moved from the Detroit area to SWFL in 2007. Since 2011 I have been the broker/owner of Sharp Homes Realty, a small boutique brokerage based out of Cape Coral. We are f....
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