Why is it a bad idea to overprice your home when you put it on the market?
First, remember that people who browse for homes online can see how long a home has been on the market. When a home is overpriced, it tends to stagnate on the market, and when buyers see that, they’ll probably think that something’s wrong with it.
Another danger of overpricing your home is getting burnt out. The longer your home is on the market, the more worn down you’ll get having to clean your house at a moment’s notice to prepare for a showing—especially if you have kids and/or pets. Your hopes may get high that each buyer who visits will be the last, but if they’re aware that your home is overpriced, you might be in for a disappointment.
Lastly, it’s worth noting that buyers today have more information at their fingertips than they ever have before. They’re both astute and diligent about comparing homes to others they’ve seen in the market. Even if they don’t have the exact data on your home, they do think about the general cleanliness of the home, what upgrades it has, and what features it has compared to homes that are priced lower than yours. Chances are you won’t be able to fool the buyer about the value of your home.
If you have any questions about this topic or real estate in general, reach out to your Colemere Realty specialists. We’d love to help you.