The Bowen Team, one of our clients, has a newly released blog on the risks of overpricing your home!
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In hopes of selling their homes for more than what it’s worth, sellers tend to overprice them. An overpriced property is far less attractive especially if it does not possess any notable features. The tendency for sellers to want to overprice properties occurs quite often. It is wise to put yourself in the buyer’s shoes, when coming up with a reasonable price for your home. The Bowen Team offers professional real estate knowledge in all of our housing communities. Our expertise in the local real estate market will guarantee a fair price that will suit you as a seller that will also appeal to potential buyers.
If your house is the most expensive in the community, would it garner more buyers? On most occasions, it will not. If other homes in your local community cost less, interested buyers would be more attracted to those properties, and not yours. Moreover, overpricing will contribute to losing the competitive edge. Your home can only benefit if it truly offers the exceptional qualities, allowing you to price your home higher than others.
High-priced homes generally remain in the market for a longer period time than homes priced at lower, competitive prices. Overpricing his leads to additional maintenance and holding expenses which can take a serious toll on the seller’s overall profit. The stagnation of the home allows buyers to gain leverage when negotiating prices. If homes take an extended period of time to sell, interested buyers may feel skeptical about your property and question why your home isn’t selling.
Let’s just say someone decided to buy the overpriced house. How is the buyer intending to finance it? The majority of buyers look for financing options in one way or another, so it isn’t going to help the fact that it will not appraise at the selling price. Thus, it decreases the chance of available financing.
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