If you are selling your St. Louis home so you can buy another one, your dream might be to "sell high, buy low." Even if your Realtor® tries to remind you that this doesn't often pan out, you might still be tempted to have the agent list your home higher than recommended to see what happens. In a market where buyers are well prepared by internet research and other media to spot an over-priced home, this could be a bad move.
Your agent suggests a price for you based on specifics about your house and comparable information about neighborhood sales. If you own a palace in middle of a slum, you will have to ask less than you could if your home were elsewhere. If you bought your homes for $200,000 and added $50,000 of the most reclaimable improvements (i.e., bathroom or kitchen upgrades, desks), you might not be able to price your home at $250,000 if similar homes in the area are going for $150,000. If your home has special features that make it the most desirable in the neighborhood, you will be able to ask a little more - but remember, this is not a time in real estate history characterized by high pricing, with inflation to work in your favor.
If you price the home too high, what can happen?
Your home will stay on the market longer than you planned. Even if you have time on your side - you are moving because you want to, not pressured by a job transfer, foreclosure, change in circumstances, etc. - this has bad side effects.
Buyers tend to look at homes with long days on market (DOM) as homes with problems, like those alongside freeways, with foundation damage, or with other buyer-repelling features. Once a home has been on the market for 45-60 days, it gets a reputation. In the case of an overpriced home, the bad reputation might not be deserved, but it can linger nonetheless.
Your high price can turn off "perfect buyers" who love your home and who would qualify to buy it if the price were right. Buyers have a price range in mind, which they are wisely not likely to exceed these days. If potential buyers are looking for homes just like yours, and yours is priced $20,000 than similar homes in your area, your home will sit - and sit.
Homes do not sell themselves. If your home is overpriced, you may not get the help you need to make it stand out. Your agent, who is contractually obligated to represent you, may neglect you and turn her attentions to more correctly priced properties, while other agents will bypass you too. Your home, already ignored due to its high price, could linger even longer.
If you are ready to sell, don't waste your time overpricing your St. Louis home. Visit the StLHomefinder to what comparable homes are selling for. Look through some of the listings to find ones that are similar to your home, and then trust your agent to price your home right.
The Becky O'Neill POWER Team promises you a Positive Outcome With Exceptional Results. We specialize in fine properties in Chesterfield and the surrounding area in St. Louis or St. Charles Counties.
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