Pricing a Home to Sell vs. Overpriced Homes

By
Real Estate Agent with eXp Realty of CT, LLC RES.0789413

The Dangers of Overpricing

You want your sellers to get the best possible price for their property. However, when a
home is priced too high for the market, you'll see what happens:

 

Pricing a Home to Sell vs. Overpriced Homes

 

  • The overpriced home may attract lookers, not legitimate buyers.
  • The price may imply to buyers that the sellers aren’t motivated to sell.
  • An overpriced home reduces the number of showings.
  • When overpriced the home helps the competition (other homes) look better.
  • If a home doesn’t appraise at the higher price, a buyer may not be able to secure a loan.
  • The best offers often come when a property is newly listed.

 

If a home is overpriced when it hits the market and you need to make a price
adjustment later, you will have missed the initial influx of prospective home buyers.

Proper pricing is crucial the first time around!!

 

If you or somebody you know is looking to buy or sell a home in Southeastern Connecticut, I am happy to help.  I can be reached at (860)514-9533 or by email at michellemayo@prudentialct.com.

 

 

Comments (4)

Trevor Elliott
RE/MAX Integrity - Salem, OR

So true. I always speak to seller's about this. Pricing right from the beginning is key, otherwise you are sunk. I often turn down overpriced listings, it is not worth the time and expense.

Feb 05, 2010 04:29 AM
Kristi Allison
Bel Air, MD

Michelle,

An overpriced home will sell, it just may take five years before it does, while it waits for the market to appreciate.  Of course, it will not be overpriced anymore at that time.

Feb 05, 2010 07:38 AM
Wendy Rich-Soto, Realtor/Broker Associate
Keller Williams Realty, LA Harbor - Rancho Palos Verdes, CA
Getting you to your next with a zero failure rate!

Do it right when you put it in the market and you won't be sorry later!  Overprice it and you will always look back with regret!

Feb 05, 2010 07:41 AM
Duane Murphy
Expert Real Estate Partners LLC - Appleton, WI
Broker- Owner-Real Estate -

Sellers still have a hard time understanding this.

Feb 05, 2010 09:48 AM