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What Happens When You Overprice Your Home

By
Real Estate Broker/Owner with Morningside Homes, LLC 720-231-5200 DRE# ER300941

 What could happen if you decide to out price your home for your area. 

*You might help sell similar homes that are priced lower

*Your home may stay on the market longer and lose the interest of qualified buyers

*You might create a negative impression of the property

*You could lose money as a result of making extra mortgage payments while incurring taxes, insurance, and unplanned maintenance costs

*You may have to accept less money because the buyers now know you have been waiting for an offer for a long time and they will think you are very negotiable.

*A potential buyer may face appraisal and financing  problems as a result of the inflated price.

The following has nothing to do with the current market price:

We can always come down on price

We have to get that much our of our home

My neighbor was able to get his price

Getting pricing advice from family and friends especially outside of your market area

These thoughts will only put your home on the back burner for qualified buyers because your price is unreasonable in their minds.

Posted by

Buy or Sell with Patty Clark              Denver/Aurora Co. and surrounding areas 

Chris and Patty

Helping Families Move with Care

If you would like to be sent properties on a daily or weekly  basis just call or email me and let me know your wants and needs. A match will be made with a home you love and with monthly payments you can afford. I specialize in first time home buyers and sellers who are ready to downsize or move to a larger home as the family grows

Morningside Homes, LLC
patty@morningsidehomes.com
www.morningsidehomes.com
Cell: 720-231-5200                      
CRS,GRI,WCR,SFR,CNE, MRE

 

Comments(6)

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Jamie Friedman
eXp Realty - Kapaa, HI
Kauai Real Estate Connection

Well said! It is so difficult to explain to sellers that what they "need to get out of the sale" or want to get in terms of net has no bearing on the market.  There are many good agents out there, but I have yet to find one that has had success selling over-priced homes (especially in this market).  thanks for the post!

Jul 24, 2010 04:48 PM
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

There's one more . . . "You may not get to work with the best agent because top professionals won't accept overpriced listings . . ."  :)

Jul 24, 2010 04:53 PM
Tish Lloyd
BlueCoast Realty Corporation - Wilmington, NC
Broker - Wilmington NC and Surrounding Beaches

Thanks, this is just one more reinforcement of our responsibility to educate our sellers in an honest, straight-forward, professinal manner.

Jul 24, 2010 05:53 PM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

I'd show them a listing that sat on the market . . . nothing speaks volumes than a listing -- not yours -- that sat for months, in not years, had price reductions and three listing brokerages speak for you!

Jul 24, 2010 05:55 PM
Sylvia Young
OPTIONS Realty Group - Oakland, CA
Broker-Associate

This was great, because they all think that despite what the market will bear, their particular home is better than the rest and will sell for more anyway.

Jul 24, 2010 08:14 PM
Adam Malachi
A 2 Z Realty LLC - Castle Rock, CO
QSC,CDPE,CIPS,CNE,CRB,CRS,GRI,MRE,SFR

Great post! Great reinforcement to educate the Sellers!

Thanks for sharing,

Adam

Jul 25, 2010 05:34 AM
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