Why Overpricing Your Lakefront Home in Candlewood Is a Bad Idea
An incorrectly priced home can deter buyers who are looking for Candlewood Lake and Lake Lillinonah properties. Overpricing your home can backfire and leave you with a stale listing.
Here are other reasons why overpricing your Candlewood Lake home for sale is a bad idea:
Your home will stay on the market longer
Candlewood Lake homes that are priced too high will usually take much longer to sell. Experts agree that the longer a home sits on the market, the less valuable it becomes from the perspective of home buyers. Prospective buyers will not get excited about a home that has stayed on the market for months on end and will give them the impression that there is a problem with the home and will prompt them to submit a lowball offer.
You will lose potential inquiries and showings
Sometimes, prospective buyers learn information about a home through signs, flyers, and other forms of advertisement. When they learn that your home is overpriced, they will no longer inquire about it. They will not be interested to ask for showings. Buyers will most likely drop a home from their list immediately when they feel is overpriced. Put yourself in the buyer's shoes. If you see a home that is overpriced, you probably will keep on looking until you find a home with a better value.
You get lower proceeds
Sellers who overprice their homes mostly end up selling them for much less in the long run, as compared to sellers who have priced their property right from the beginning. In addition to that, homes that are priced right get sold more quickly, thus reducing expensive holding costs.
You will experience branding problems
When a new home hits the market, buyers’ agents quickly check out the property to see if it is a good fit for their clients who are looking for Candlewood Lake real estate. It may be hard to reignite an agent’s interest if your home has already been branded as overpriced. What’s worse is agents will remove your property from their inventory of homes to show.
You will have problems with the appraisal
Even if you do find a buyer who is willing to pay, overpricing your home can lead to some other problems along the way. Majority of buyers today require some kind of financing to purchase real estate. Financial institutions require a property appraisal from a certified appraiser before approving a mortgage application. These institutions want to ensure that they are not lending money for a home that has a selling price which is too high than its current market value. If you overprice your home, the sale might fall apart at this stage.
Avoid overpricing your home by hiring an experienced real estate agent who can help you come up with the best price of your home based on its current market value and you will be well on your way to getting your property sold. Check out http://www.CandlewoodLakeHomesforSale.com today for more home selling tips and suggestions.
If you want to work with a real estate professional who can assist you in buying or selling Candlewood Lake, Lake Lillinonah homes, Lake Waramaug and Lake Zoar real estate, call me, Deborah Laemmerhirt, at 203-994-4297. I have the knowledge, expertise, and tools to help you close that deal.
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