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Today I'd like to discuss the dangers of overpricing your home. It really is a great way to ruin your selling process before it's even started. I've been noticing a lot of overpriced homes lately, and so I wanted to speak about how you can avoid overpricing your property.
Usually in September we have the largest amount
of inventory in the entire year. This is a trend that
I've seen for a long time. But what does this mean for you? It means that with
all of this competition, you have to price your home well if you want
to sell.
If your home gets no showings or very few showings, your
home is probably overpriced by 10%. If your home gets a lot of showings (2-3
per week) but no offers, then your home is probably overpriced by about 5%. If
your home gets an offer within the first 30 days, then your home was
priced correctly from the beginning.
Your top priority is not to sit on the market
for longer than 90 days. If you sit for that long, people
will believe that something is wrong with your property and they will not offer
top dollar on your home.
Sometimes agents will be desperate for a
listing and they will promise you an unrealistic sale price. As
a real estate professional, this is highly frowned upon and it is a major
disservice to the consumer. I would rather pass on a listing than
promise a client something that I know I cannot give them.
If you're looking for an honest answer about what your home
might sell for on the market, please don't hesitate to contact me. I would be
very happy to help you!
