We all want the highest price we can get for our property. We have seen that home prices have always risen in the past so it's highly likely we will overprice our property. Please don't allow yourself to be ensnared in the overpricing trap.
It's unfortunate you won't know your property is overpriced until it's too late.
Disappointments you'll face
- Ad response will be extremely slow because the public recognizes overpriced property. Keep in mind that people buy by comparison.
- Only the unaware will make an offer on an overpriced property. Why? Even if you accept their lower offer, they still won't get a bargain because the final price is no less than the "fair market value".
- It will be easier for buyers to make a favorable decision on other properties that are priced fairly. Do you want to set an example to drive folks elsewhere?
- If you're lucky enough to find a buyer at your price, escrow won't close because your price is higher than the appraised value and the loan application will be rejected.
Things you can do
- Always work with an experienced professional who knows the market in your neighborhood and has expert negotiating skills. Take advantage of the research and advice your broker can provide in getting you the highest and best price for your property.
Remember you're competing with all the other similar properties in your neighborhood; so price your property at a price point lower than your competition.
Want to receive our special e-newsletter updates on local market conditions and what they mean to your neighborhood? Give us a call at (800) 798-2084 extension 2
Comments(0)