Avoid Overpricing When Selling Your Home!

A few tips to help you avoid overpricing and a stagnant listing.

Avoid Overpricing
Avoid Overpricing

One of the biggest mistakes home sellers make is what I like to call the overpricing issue.
While it’s tempting to put a high price on your home and either negotiate down with a buyer or test the market, you really want to avoid doing so.

Overpricing your home will deter buyers from coming to view your home and has the potential to overexpose it to the market as well. Luckily, there are some cures to help you get through the overpricing process so that you can get the top value:

 

● Analyze the “Comps”: “Comps” are real estate lingo for comparable sales. You want to look at homes that are very similar to yours and in the same neighborhood or competing neighborhoods and see what they’re selling for.

● Pay no attention to your Zillow Zestimate….especially if you’re located in a more rural area. Many times they are off by a substantial amount.

● Get inside the minds of the buyers: Buyers look for homes online that fall in a very specific price range and have an expectation of size, condition, and amenities based on other homes in that price range.  If your home is priced above its actual value, you won’t get the right buyers to look at it!

● Visit competing open houses: Go to homes that are fresh on the market. The homes that have been lingering on the market for a very long time are usually not worth what the sellers are asking for either, which is why they’re still available.

● Sell your home “Certified Pre-Owned” and get your home inspected, appraised, and offer a home warranty: A home inspection gives buyers peace of mind that you have done your due diligence and that you really care about your property. It also helps possibly get things fixed for even less than what a buyer’s inspector might estimate.  The appraisal completed by an independent licensed appraiser will help to justify your price. The home warranty will cover future problems for the purchaser should they arise.

● Real Estate Sales expert Tara-Nicholle Nelson says “The very best way, in any market climate, to get top dollar for your home is to price it in a way that in an online search, it stands out from the competition as a strong value.”  This is one of the best quotes on pricing and you should definitely go online and do your homework!  Do a search and analyze homes that are similar to yours and look at their asking prices. Price it aggressively against the other homes and watch the offers flood in!

As you can see, overpricing your home won’t do you any favors when selling. If you would like help putting the right price on your home, don’t hesitate to give us a call or send one of our agents an email. We would love to assist you! >>>CLICK HERE<<< to contact us for a free market analysis specifically for your home.

Robert Gordon is a top selling agent and an original founding Realtor® of Inglenook Realty Inc. established in 2005. You can reach him directly at (518)852-4408 or at [email protected]