Why Overpricing Your House Can Cost You
Hey there, if you’re gearing up to sell your house, you’re probably eyeing this spring season as prime time – and you’re onto something. We’re still riding the wave of a seller’s market because there are not many homes up for grabs. Plus, historically, this is when buyers start making moves, and the competition heats up. It’s like the perfect storm for sticking that ‘for sale’ sign in your yard.
Even in this seller-friendly environment, you’ve got to play it smart when setting your asking price. Going too high might backfire on you in the long haul.
Here’s the deal: the price you slap on your house sends a loud message to potential buyers. Your listing photos and that price tag are what’s going to hook them or send them scrolling past. If it’s sky-high, you might scare folks away. As a piece from U.S. News Real Estate puts it:
“Even in a hot market where buyers are practically throwing cash at houses, nobody’s going to bite on a home that’s priced like it’s made of gold.”
Nobody wants to overpay, especially in today’s market where folks are already feeling the pinch from rising home prices and interest rates. If buyers think your place is priced out of orbit, they might not even bother to check it out or make an offer.
And guess what? If your house sits on the market for ages, it’s going to raise eyebrows. Buyers might wonder what’s wrong with it, or why nobody’s biting. As Forbes points out:
“It’s not just the price that turns buyers off. If your listing collects dust on the market, it’ll make people think twice. They’ll assume something’s up and move on to fresher listings.”
So, what’s the move? Skip the highball and aim for a price that is on par with what’s happening in the market. How do you figure that out? Lean on your agent. They know how to dig into the data and determine what your home is worth.
They’ll factor in everything from your home’s condition to any upgrades you’ve done, and what similar homes are going for nearby. The right price will reel in more buyers and even spark a bidding war. Plus, properly priced homes tend to fly off the market.
Long story short: aiming too high might scare off buyers and drag out the selling process. Let’s chat about finding the perfect price for your house.