Did you know that going with the real estate professional that suggests the highest list price may actually hurt your chances of selling your home?
- Ask your listing agent for a list of comps in the neighborhood before selecting a list price if they have not already provided this to you.
- Overpricing your home will block out potential buyers that are already searching in your neighborhood. Buyers are generally searching in $5,000 increments when doing an online property search. If you overprice your home, all of those potential buyers will never even see your listing online!
- Once you have an offer on your home, it must still go through an appraisal in most cases. If your sales price is far above market comparables and your home is not offering features/upgrades/amenities better than the recent sales, the appraiser is going to assign a value lower than your sales price. At this point, the buyer will not be able to obtain funding approval for their loan if they are financing, and if they are cash buyers, chances are they do not want to pay more for a home that is worth less! You either lower the price of your home to market value or you lose a buyer and must start the process all over again!
- A good buyers agent will let their clients know your home is overpriced for the neighborhood. Don’t get mad when you receive a “low” offer, because a great agent will submit supporting comps when making an offer below asking price.
- Call/Text/Email me if you would like a current comparative market analysis for your home!