Overpricing Could Cost you More in the End 

The sweet Spring season is here and you’re probably thinking this is a great time to sell your home, and you are correct. We are currently in a seller’s market due to the lack of home’s for sale still, and the Spring time is always a hot time to sell a home in the midwest. 

Keeping all of this in mind, it might be tempting for seller’s to put a higher price tag on their home, not considering how overpricing can actually cost them in the long run. It’s important to discuss with a real estate expert, like Jim Slater, the price of your home, and the best strategy to get you top dollar without facing the consequences of overpricing. 

The Downside of Overpricing Your House

The first showing of your home is online, specifically the pictures and price will make the biggest impression. If your home is priced too high, you instantly will turn certain buyers away from consideration of your home and going to see it. It’s important to understand that the more buyers through the home, the better, as that increases the chance of multiple offers, which ultimately is the best shot for receiving top dollar for your home. As an article from U.S. News Real Estate says:

“Even in a hot market where there are more buyers than houses available for sale, buyers aren’t going to pay attention to a home with an inflated asking price.”

No homebuyer is looking to pay more than they have to, especially not with interest rates and inflation in the current market. Many are holding off on purchasing, and are being extra cautious about their budgets, which leaves their patience and cooperation with overpriced homes at a minimum. 

So you’re turning away more buyers and opportunity for your home, which means it will likely take longer for your home to sell. The longer your home sits on the market, the likelihood of a price drop increases, which you ultimately want to avoid in best case scenarios. A price drop and high number of days on the market can cause buyers to be fearful of why the home isn’t selling, thinking their might be something wrong with the home when that might not be the case at all. 

Jim Slater’s Role in Setting the Right Price

Jim’s pricing strategy varies for every home, as each homeowner has different goals, reasonings, and timelines for the sale of their home. However, we would suggest seller’s to consider pricing their home at or just below the market value to increase the chance of multiple offers and getting full price or above for their home. But what is market value, and what is the ideal asking price for your area? This is what Jim Slater is here to help you determine, he has the expertise, experience, and tools needed to assist you.

Bottom Line

Everyone wants top dollar for their home, but that’s not always done through the price you put your home on the market for, there can be much more to it. Connect with Jim Slater today to discuss the goals of your sale, the market value of your home, and the pricing strategies to consider

Source

Coldwell Banker Realty