When you list your home for sale, there are plenty of pitfalls you need to avoid. Pricing your home too high might be the biggest.
For one, you’ll get fewer people looking at your home; and of course if no one looks at your home, you won’t get any offers. Secondly, buyers and their agents will think that you’re just not motivated to sell. Like a loaf of bread that gets pushed to the back of the pantry, your listing could become stale. If it sits on the market, it will get pushed to the bottom of the MLS and increase your days on market, which will cost you money.
You also need to be cognizant of inventory and how low it is. When there’s high inventory, the lower-priced homes always sell first, and we have new homes coming on the market every single day. We also see agents use overpriced listings to build up their buyer database.
Buyers might also use your home to sell another property. Their agents will show them your home, then show their clients a similar home with a better price to make it look like a more attractive deal. Even if you sold your house at an inflated price, you’d have to sell it again to your lender if there was an appraisal issue.
The price of your home and your motivation to sell are the two biggest factors in listing real estate these days. If you already have one strike with your home being overpriced, your motivation won’t matter because no one will see it. It will get passed by and you’ll need to reduce the price.
In the end, buyers and their agents look for homes the same way: the number of bedrooms and bathrooms, features, benefits, and pricing. Your home won’t even show up on the right property searches if you’re overpriced based on those criteria.
If you have any questions about selling property or you want to know what your home should realistically be priced at to sell in the Jersey Shore market, give me a call or send me an email. I’m here to help.