RealtorMag Advice to Sellers - Overpricing a Home Will Cost You Money
In an April 13 online issue of Realtor Magazine, there's an article entitled "3 Mistakes Sellers Often Make". And in that article, mistake number one is identified as "Being Unrealistic About the Home's Value".
The article goes on to quote statistics in support of the conclusion that "homeowners tend to get a much lower price when they overprice a home at the onset and then drop the price several times".
More highlights from the RealtorMag article:
- The longer your home sits on the market without an offer, the less you can expect to receive when it finally does sell.
- Homes that remain on the market for many months sell for considerably less than those which sell promptly.
- No offers within a thirty-day period suggests that your price may be too high.
Overpricing is arguably the most frequent and common mistake made by sellers. Real estate agents understand all too well that a home seller's plea, "let's just try it at our price for awhile before we list our house at your price" may produce toxic results.
Sellers, taking over the decision on how to price your home for sale is usually a mistake. You hire an agent in order to take advantage of that agent's professional advice and resources. Heed that advice if you hope to succeed in obtaining the best price for your home.
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