The Overpriced Blues!
Is the frustration of selling your home making you cry like a two year old? You could be suffering from a case of “The Overpriced Blues”. Tacking on a thousand dollars here and a thousand dollars there can add up to a listing that is priced for much more than it is worth. Take a look at these signs and symptoms of an overpriced listing and see if you can come up with a diagnosis.
No Showing Appointments
Buyers spend many hours online comparing one home to another. Price is one of the quickest ways to narrow a search. You could miss out on potential qualified buyers by not appearing in the appropriate search results. Further down the line is the decision to “keep as a favorite”. This is only a mouse click away. If your listing is overpriced you simply will not make the cut. Your listing will get skipped time and time again.
When your listing is overpriced it is quickly labeled in the minds of buyers and agents. Your listing will be one to watch for a price reduction. It is not likely that you will get showings or offers if your home seems out of reach. Overpriced listings send the wrong message.
Sell Your Neighbors Home
When your listing is overpriced it helps sell homes that are priced lower. Buyers perceive these homes to offer “more bang for the buck”. If you overprice your home you may end up watching other homes come on the market and sell more quickly.
The Big Question
If your home sits on the market for a long period of time the big question will be, “what’s wrong with that house?” Even after a detailed explanation of its listing history, buyers twist their lips, shake their heads, and decide to “skip that one”.
If and when a buyer is brave enough to consider an overpriced listing, the process can be very stressful for all involved. Sellers have become desperate to sell, but stubborn about the price; buyers are still holding on to the “big question” and “waiting for the other shoe to drop”; and agents explain every detail repeatedly to make sure their client(s) understand(s) the process.
The Big Cut
It is very rare that an Agreement to Purchase is not contingent upon an Appraisal. If this contingency is in place, be prepared for a price reduction in order to complete the sale. This “reality check” is usually painful for Sellers. Keep in mind that the most a Buyer can borrow is the Appraised Value of the Property. If you do not reduce the price to the Appraised Value you could be back at square one.
Do you want to know how much your home is worth?
I can help. Call Now! Or request an appointment in the Appointment Center on my website www.RealtorTraceyW.com
Tracey R. Wrisper, Real Estate Expert, 337-718-8055
ERA, Sarver Real Estate, Inc. 337-239-2041
3090 Colony Blvd, Leesville, LA 71446