It’s completely understandable that Sellers are eager to maximize their profit, unfortunately some make risky pricing decisions and end up making a lot less than they could have.
Common Misconceptions from Sellers:
“My home is much nicer than the others on the market. A higher price is completely justified”
“I’m not in a rush to sell”
“Let’s test the market, price high and see what we get”
Overpricing your home does have consequences.
An asking price that is beyond market value can impact the marketing of your property. Some risks include:
- Fewer buyers attracted = fewer offers received
- The property helps competing houses look better by comparison
- Days on market is prolonged – Houses that have been on the market for a longer period of time tend to get lower offers
- The best time to capture a buyer’s attention is within the first week – overpricing could deter potential buyers from seeing the home
The following image illustrates the percentage of buyers that will view your home relative to the asking pricing.
If you are a serious seller, price your home appropriately and attract serious buyers. You will stand a much better chance of getting full-market value, and your property will sell much faster.