Overpriced-Overlooked!

By
Real Estate Agent with RE/MAX Advantage Plus 40552805

Overpriced-OverlookedThere are many factors why a buyer may want to purchase your home but the most critical is price. Pricing a home to sell in Massachusetts is a source of much debate. The trap that many sellers in Massachusetts fall into is listing their home for greater than market value. The thinking is that buyers will always offer less than asking price, therefore, if they overprice their home they will get what the "really want." This philosophy is deceptive and actually works against the seller in the sale of their home. The reason why is that when a home is overpriced at the start, it misses what can be the most critical time period in selling a home - the first 2-3 weeks after it's listed. "Once this period is passed and little traffic is generated at the initial price level, it becomes necessary to seek a lower listing price. Depending on market conditions this cycle may repeat several times before a sale is made, resulting in an eventual sale price that is well below the initial listing price, and possibly lower than the market value for your home." (Realty tools, Inc.)

 

 

The obvious reason for not over-pricing a home is that it will take longer to sell, however, here are some other reasons to consider:
Over-priced homes help similiar, well priced properties sell more quickly
Over-priced homes may cause mortgage rejections due to appraisal values
Over-priced homes deflate buyer's enthusiasm for your property and results in below market value offers
Over-priced homes sit on the market longer making potential buyers believe there is something wrong with your home

5 Signs your home is overpriced

Posted by

Anthony Giglio

Broker Associate

RE/MAX Advantage Plus
Website: www.anthonysellsmn.com
Email: anthonysellsmn@gmail.com
Direct: 612-513-0755

Anthony Giglio is a Realtor with RE/MAX Advantage Plus and is on the Minnesota Real Estate Team which sells over 1500 homes each year in MN. He is always available to help you with your real estate questions and needs. 

 

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Topic:
Real Estate General Information
Location:
Massachusetts Middlesex County
Tags:
priced to sell
overpriced homes
homes for sale in ma
anthony giglio
selling a home in massachusetts

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Rainmaker
772,958
Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

Anthony, in my area buyers do not even look at the overpriced ones... It has to be priced right if it is going to sell, If not it gets stale quickly and the seller will have a difficult time catching up to the market.

Jul 26, 2011 07:19 AM #1
Rainer
58,312
Juan Bassett
Long & Foster - Germantown, MD
GRI

Overpriced homes invite few.  Sellers need to price their homes according to the market or remain prepaired to wait for a market to come.

Jul 26, 2011 08:26 AM #2
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Rainer
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Anthony Giglio

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