Today I’m here to clear up a common question that I’m asked. Here are the three main pitfalls that are caused by overpricing a home:
1. Your home will spend more time on the market. This is a basic rule of supply and demand. If a buyer sees two similar homes on the market and one is priced for $50,000 less than the other, the market and the buyer are going to gravitate towards that home that offers the most features and benefits for the price.
2. Buyers will have questions. When they start to see your home sit on the market, they will wonder why no one has made an offer yet and will start to think that something is wrong with it.
3. The longer a home sits, the less it will sell for. Statistics have proven this over and over. If you would have listed at a proper price from the beginning, you could sell much more quickly and for more money.
If you have any questions for me about buying a home, selling a home, or anything else related to real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.