What Overpricing Can Do to the Eventual Sale Price of Your Home

Here are some of the major risks of setting your initial asking price too high:

You will lose the excitement that a new listing generates. Most activity will take place within the first 30 days of a listing. After this initial period, the only people who come to look at your home will be new buyers in the marketplace

You will lose the most qualified prospects. Potential buyers will not “make an offer” because they probably will never see your property. They will view the properties that are priced within their budget, knowing that they cannot afford anything above their price range.

Overpricing helps sell other more competitively priced homes first. Your home may become the example demonstrating the good value of other properties. Your objective should be to enter the market in a position that will attract prospects not drive them away.

Your home may become stale on the market. Prospects may wonder why it has been on the market so long or if something is wrong with the property, even after you lower the price. A house takes on a reputation surprisingly fast, so don’t wear out your welcome on the market.

You lose a strong negotiating position. When your house is on the market a long time, it hurts both financially and mentally. Prospects will not “rush” to make an offer on an overpriced property, and you may be faced with accepting less when they finally do.

As you can see, pricing your home correctly will make a tremendous difference in how fast it sells and for how much. We make it our business to know the market and price our clients’ homes to sell for the most money in the least amount of time—and we’re good at it. Just ask our past clients!

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