Even with that reality, there are some sellers who contemplate setting a high listing price in the hopes of a windfall. They want some unsuspecting buyer to fall in love with the home and buy it - even though it’s overpriced.
That rarely, if ever, happens.
Instead, the listing often languishes on the market because its listing price is conspicuously much higher than its market value.
Think about it. If two similar homes, side-by-side, are for sale, and one is priced $40,000 higher than the other, wouldn’t you wonder what was going on? That’s exactly what the market thinks. “Why is that home priced so high?”
Of course, many buyers, who might otherwise be interested in the property, won’t even consider seeing it, simply because it’s outside their price range.
It gets worse. When an overpriced home sits on the market with no offers for several weeks, the price will often need to be adjusted down. That helps the situation a little. However, you’ve lost the excitement created by a “new listing.” Yours is now an old listing struggling to get attention.
There’s a better way…
Set your list price at or near the market value and it will be much more likely to generate interest from qualified buyers and maximize how much you make on your home.
That market value may even be higher than you think!
Interested in finding out what that value is in today’s market? Call today.