Why is overpricing your home is a terrible strategy? I have mentioned in a previous video that there are some key ways that sellers self-sabotage their home sale, (if you haven’t seen that video https://youtu.be/Mx9r975xRMo) But one of the biggest ways home sellers enter dangerous waters is when they use the overpricing strategy when selling their home. Today’s video will explain 5 reasons why overpricing your home will not get you top dollar for it.
Once your home hits the market buyers are always eager to see the fresh new listings if you have overpriced your home, those buyers are not liking to come back to see it again, the buyers already have the perception that (You) the sellers are unreasonable.
All sellers would like to have multiple offers to look at when negotiating contracts. The likelihood of that happening is diminished greatly if your home is overpriced. By setting your price above market value, you will have fewer offers to choose from. This could mean as a seller you would end up settling on an offer, instead of choosing the offer with the strongest offer strength.
If you are fortunate enough to get an offer for that is above market value you could come into some problems once the buyer has an appraisal done. The appraiser uses the most recent home sales to come up with the fair market value of the home. If the appraised value comes under the offer price you’d be hard pressed to find a buyer that is willing to come out of pocket the remaining amount.
An overpriced home is much more likely to sit on the market longer than a home that is priced fairly. The longer your home sits the more likely people start to believe the home has other problems creating a stigma.
Sellers that have sat on the market for a long period of time are less likely to get an offer that is truly happy with in the end. A sense of desperation increases as the months sitting on the market roll on by and they end up accepting an offer that was less than expected.
I hope you found this video about the dangers of overpricing your home, useful. If you’d like to watch more videos specifically about home selling here is a very useful playlist *** https://bit.ly/2KIwj1L
To watch the video about Sabotaging your Home Sale (https://youtu.be/Mx9r975xRMo)
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If you have any questions about buying and selling your home feel free to reach out to me at any time by email or any respectable time by phone. All my contact information is listed below.
My name is Kristina Smallhorn, Your Real Estate Whisperer and I tell you all this “Because YOU Matter”
EXP REALTY, LLC
2900 Westfork Dr.
Baton Rouge, LA 70827
225-412-9982 ext 149
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Kristina Is a Licensed Realtor® with The Greater Baton Rouge Board of Realtors@ in the State of Louisiana. License #0912122918