Why Do You Need to Avoid Overpricing Your Home?

July 12, 2017

Why Do You Need to Avoid Overpricing Your Home?

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 for your home:

  • Check the Comps: Comps are real estate lingo for comparable sales. You want to look at homes that are very similar to yours and see what they’re selling for.
  • Get inside the minds of the buyers: Buyers look for homes online that fall in a very specific price range, so 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 not worth what the sellers are asking for either, which is why they’re still available.
  • Get your home inspected: 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.

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 shoot us an email. We would love to assist you!

You can always phone or text us at 905-450-5500

Al & Peggy Cunningham