November 26, 2024
Get My Fall Moving Guide for Homebuyers and Sellers
We take a closer look at the risks and downsides of overpricing your home.
Are you gearing up to sell your home? Many sellers are tempted to price their homes higher than what their listing agent recommends, which is more common than not. But even in a low-inventory market, overpricing can deter potential buyers. If your home is priced appropriately for the market and is marketed well, you're in a much better position to sell your property. However, if your home is overpriced, you may find it harder to sell.
"Overpricing your home will cost you both time and money."
The biggest thing you have to consider when pricing your home is that overpricing will cost you both time and money. When a property sits on the market for too long, buyers will wonder why it hasn’t sold and assume that there’s something wrong with it. Eventually, you’ll have to drop your price significantly lower than market value in order for it to sell. On the other hand, pricing your home at or slightly below market value, which is referred to as fair market value, is generally a smarter strategy. Even in a slow market, hitting the "sweet spot" with your pricing can still attract multiple offers.
For more information on listing your home for top dollar in the spring market, reach out to the most trusted source in the industry. Just call 843-667-0233 or visit our website at www.crossonandco.com.
