10 Reasons Not To Overprice Your Home!

Reblogger
Real Estate Agent with Better Homes and Acres

This is a reblog. Well written by Kristin Hamilton a Realtor in California. Her area is Redlands/ Loma Linda / Homes for Sale in CA

Keller Williams Realty  Address: Attn. Kristin Hamilton, Realtor, 301 W. Redlands Blvd., Redlands, CA, 92374

Even though we are in Michigan and she is in California the reasons to not overprice your home are probably about the same!

 

Original content by Kristin Hamilton CA Realtor DRE #01492138

 

           10 Reasons Not to Overprice Your Home!

 

riverside Kristin Hamilton sells Real Estate in Inland Empire

 

Seller Not Serious- By overpricing, the buyers say never mind as this seller is just testing the market and not truly serious.

Few to No Showings- Agents and Buyers are both pretty aware of the market prices so if your home is overpriced, they will just not show it at all.

Limits the Number of Buyers- By overpricing home you cut out good buyers that are qualified below that amount.  Eventually if you reduce the price, many of these buyers have already found a home.

Failed Negotiations- Buyers might put in a lower offer, but if the seller is overpriced, the gap will typically be too far apart to agree upon. Homeowners that are locked into a set price typically will not come down even with the good advice of their Realtor.

Will not Appraise- If it is overpriced, it will not appraise and then the deal will fall through.

Sells the Competition- Buyers will look at 10-20 houses before putting in an offer. So if you are too high, they will think the house down the street is priced better and has nicer upgrades. Your overpriced home will make others look better.

Higher DOM on the Market- Buyers are always looking for new listings on the market so your house will have a high number of days on the market which brings up red flags with buyers.

List your home Kristin Hamilton Inland Empire

Price Reductions- Eventually your agent will have to convince you to reduce the price. Now you are just following the market instead of being competitive with the others in the area.

Continues to Lose Equity- In this crazy economy the market keeps dropping so if you overprice and it stays on the market an extended number of days, its value will continue to go down. This could mean the difference between a standard sale and a short sale.

Home Never Sells- Homeowners will frequently get so frustrated that they decide to take the house off the market and not sell at all or let it go into foreclosure instead.** This is very serious and will affect the homeowners credit and keep them from being able to buy a new home.

Kristin Hamilton For Sale in Inland Empire

 

 

 

 

 

This is what you want..... SOLD!

 

 

 

Homeowners, please call me for a Comprehensive Market Analysis to assist you with marketing your home for sale and getting the best price possible. Buyers, if you are planning to purchase real estate, let me assist you in finding the right home.  Google me at Kristin Hamilton, Keller Williams Realty, Redlands, CA.

 

 

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Need a Great Realtor in San Bernardino & Riverside? Google me here...Kristin Hamilton 909.557.6966.

Kristin Hamilton   
Keller Williams Realty

DRE-01492138

909.557.6966

Kristin Hamilton Realtor 909.557.6966CALL ME AT (909) 557-6966.
             

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Comments (5)

Win Home Inspection
National Home Office - Madison, AL

Thanks for the re-blog. Great points to have handy to address with your seller.

Sep 15, 2011 10:21 AM
Mary M. Kandell
Russell Real Estate Services - Sandusky, OH

Then this client is constantly chasing the market with little chance to catch up.  Good post.

Sep 16, 2011 05:46 AM
Marilyn Harrell
Better Homes and Acres - Beaverton, MI
Wixom Lake - Beaverton MI

Thank you - I thought it was very well written and applies whether you are on the West coast East coast or somewhere in between! Have a great weekend!

Sep 16, 2011 07:50 AM
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Marilyn--thanks for the reblog.  I missed it first time around.  I will follow link to Kristen, too.

Sep 16, 2011 08:03 AM
Kristin Hamilton CA Realtor
Sun Lakes Realty - Banning, CA
(909) 557-6966- Specialize 55+ Communties Banning

Hi Marilyn, Thanks for the compliment. Have a lovely weekend. Your picture by the river is beautiful.

Sep 17, 2011 02:03 AM

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