Find out why overpricing your home isn’t a good idea.
As a homeowner, you’ve undoubtedly put a lot of love and care into maintaining your home, both for your enjoyment and its resale value. Now that you’re ready to sell, it’s natural to want to be rewarded for your efforts. However, your home is also filled with cherished memories, and it’s easy to let sentimental value influence the selling price.
To achieve a successful sale, it’s important to set aside those emotions and approach the market with a clear, objective mindset. It’s important to note, however, that failing to do so and overpricing your home can cost you as much as $50,000. When determining the right price for your home, we use recent comparable sales to guide our market analysis. This helps us understand a low-to-high range for your property.
Overpricing your home can have major consequences. In my 21 years of experience, I’ve seen that pricing too high often leads to negative outcomes. Let me share an example: about a decade ago, I worked with a home in the Carlisle area that was overpriced by $100,000. The home was worth $300,000 but was listed at $400,000. It sat on the market for six months, and after several price reductions, it became stigmatized. Eventually, the property sold for $250,000, far below its initial market value resulting in a loss of $50,000 due to overpricing” with “resulting in a net gain rather than a $50,000 loss
Pricing properly upfront can get your home sold faster and avoid the consequences of overpricing. When you price your home accurately or even slightly below the mid-range, you increase the likelihood of attracting multiple offers. This strategy can sometimes result in a sale price higher than your asking price.
For a free home value estimate, we offer automated valuations through our website or a no-charge, no-obligation in-person estimate by one of our agents. Email us at support@davehooketeam.com and we’ll provide you with an accurate home value estimate.
