Most home sellers don’t realize the actual cost of pricing their home too high. Of course, they absolutely love their home and believe that it should return a monetary value equivalent to it. This is not always the case. If you are looking to sell your home, take this information into consideration:
Pricing your home too high will most likely result in it being on the market for several months, without it being sold. And every time you reduce the price, it will still more than likely be above market price, resulting in it still not being purchased.
“We’ll just start high, we can always come down” Right??? WRONG! As a Real estate broker in College Station I do not even show homes that are priced out of line with the market!!!
Having your home on the market for a long period of time really adds up. Not counting the money you haven’t collected from the home sale, additional interest, taxes, and insurance payments will really pile up and you wont end up receiving as much as you thought from the transaction.
In a declining market your house could be worth more today than it will tomorrow, more this month than next month. That being said, wouldn’t you want to get the most for your home?
The Negative Stigma: You don’t want to be the house on the street that has been on the market forever. Something must be wrong with it, right?
So, is it really worth overpricing your home? If you want (or need) to sell it, absolutely not!!!