Overpricing Your Home Is a Critical Mistake
You can run into trouble when you overprice your home for sale, even in a hot market. When Sellers push the limit on pricing their home it affects Buyers. Buyers are much more aware of market values then they used to be before the internet. To most buyers it is very apparent when a home is overpriced.
Your home has to be sold 3 times, not just once:
- First to the agents who will then show their buyers.
- Second to the buyers themselves.
- Third to the appraiser who works for the bank in order to see if the bank should loan the amount of money the buyer is asking to borrow.
When a home is in excellent condition but isn’t getting any offers, it can lead to a number of pitfalls:
- Missing the Market. When the price of your home is too high you can end up missing out on +/- 75% of the market. You’ll only have casual buyers view your home.
- Lowball Offers. When a home is overpriced the buyers first instinct is to make a lowball offer. Buyers think that is what the Seller wants them to do. You don’t need these types of offers.
- You May Not Sell. If it does sell it will take at least two to three times as long. When sellers insist on pricing too high they consistently end up selling for less money than they would have if they priced the home at market value in the beginning.
Pricing is 90% of Marketing
Pricing is the single biggest factor to getting your home sold. If you would like to understand our pricing strategies don’t hesitate to email – Penny@TheOrginalPenny.com or call 206-842-8421 or 360-779-8574.
The reason for contacting us is we have a full service team, including listing specialist, buyer specialist, licensed lead generator and licensed administrative staff all to guide you thru purchasing or selling your home.
We serve: Bainbridge Island, Poulsbo, Kingston, Silverdale, Bremerton, Port Orchard, Port Ludlow and everything in between. We welcome your inquiry.