When it comes to getting the most money for your home with the least headaches in the shortest amount of time, nothing can stop that process faster than overpricing. In fact, it’s the number one reason houses don’t sell. As a real estate professional committed to happy clients who are eager to get the most from their investment, sharing this must know information with potential sellers is on the top of my to-do list!
1) Timing Is Everything:
Very often a seller asks, “We can always come down later, right?” Historically when your house goes on the market, the greatest potential for buyer traffic is in the first 30 days. By pricing it high with the intention of dropping the price later, you are completely bypassing your best candidates for buyers.
2) Showings Shut Out:
Agents have an obligation to do what is best for their clients. Clearly, showing overpriced listings does not fall into that criterion. With inventory high, agents will undoubtedly choose to show properties that are within their buyer’s price range and that meet the current Fair Market Value.
3) Benefits The Competition:
Unfortunately, when a home is overpriced, it not only sits on the market but acts as a selling point for market-priced homes. It’s a cue to buyers to say, “I can get the same house for less!“