A Few Reasons Not to Overprice Your Home

A Few Reasons Not to Overprice Your Home

It is natural to want the highest possible price for your property, but avoiding being greedy is crucial. Sellers have several motives when they overprice their property, such as their love for their property or need for money. Yet there are some harsh realities which you as a seller should know and avoid putting an unrealistic price on your house. You can miss out on sales prospects if you wait too long to sell because you are waiting for a more lucrative offer. As the best Waterloo real estate agent, Mike Bolger offers practical advice for beneficially listing your property. Keep reading to learn why avoiding overpricing your home is not a rewarding practice.  

Time Matters in Property Sales

The first step to ensuring a quick sale is to post your house on the market at a fair price. If you set the price too high, you end up waiting too long to sell your home, which makes potential buyers skeptical. You have the bargaining leverage as a seller during the first 30 days your house is on the market. Your listing is current, and buyers are interested in it. You will lose traffic and interest if you overprice your home during this time. To see what type of offer you can get first 30-day window are crucial. Pricing your home realistically, on the other hand, will help you get the best buyer.  

Your Listing Gets Ignored

Overpricing your house can make you miss out on a massive chunk of the market. Remember that consumers typically filter their results by price while searching for a home online. Your house won't appear as an option if your pricing is slightly beyond their search criteria. When a seller puts a too high price on a property, it may scare potential buyers. Additionally, it might not compare favourably to realistically priced homes advertised in the same range. 

The Longer it Stays, The Better for the Buyer

What a buyer is willing to offer is greatly influenced by the number of days on the market. The longer a home is on the market, the more negotiating power shifts towards buyers. This situation could lead to lower offers than if you had immediately listed your property at a reasonable price. Contrary to popular belief, underpricing a property does not result in a higher sale price. You need a skilled and experienced realtor to help you determine the ideal price for your property.  

You will Help Your Competitors

If you overprice your home, any competing listings in the area will appear to be a better offer. Everyone enjoys a good deal. Even if they preferred your home, they might be eager to purchase the adjacent house with a more excellent value after seeing your more expensive offer. The list price is associated with quality, and buyers check the seller's credibility. When the price of your house falls short of other properties listed at comparable prices - they will not trust you and are far less likely to make an offer.  

Work with Mike Bolger

We understand you wish to avoid such problems during your selling experience. In that case, hiring a professional and trustworthy realtor to list your home is advisable. If you aim to sell your house in Waterloo or nearby areas, Mike Bolger is the most expert Waterloo real estate agent. Contact Mike to benefit from his experience and knowledge in real estate. 


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