Why overpricing your home is a BAD idea, even in a seller’s market

I can’t tell you the number of times I’ve encountered a seller who thinks that they can ask whatever they want, or at the very least, push the envelope on price, because it’s a seller’s market. THAT could be a BIG mistake.

Here’s why…

An article in US News Real Estate said it best – “Even in a hot market where there are more buyers than houses available for sale, buyers aren’t going to pay attention to a home with an inflated asking price.”

That’s because NO ONE wants to pay more than they have to, especially with today’s home price appreciation and high interest rates.  And with bidding wars still taking place, many will not bother even looking, as they assume they’ll have to pay even more for a home that’s already overpriced.

It’s a given that new listings attract the most attention.  Buyers who have already seen everything currently available, lie in wait for something new to come on the market, then swarm to see it.

Being at the wrong price during the height of interest in your home is a no-win proposition.  And regaining that momentum, even with a subsequent price reduction, is often difficult, if not impossible.

Buyers expect homes that are properly priced to sell in a matter of days.  When one doesn’t, they immediately begin to wonder what’s wrong with it.

Very often a seller realizes their error and tries to correct it by reducing the price.  But all the buyer focuses on is the days-on-market and offers even less.

In most cases, had the seller started the process at the lower price, they would have sold it at that price, or even higher. So, how do you be sure you’re priced properly?

Work with an experienced agent who understands the nuances of this market and does business in your community – and can prove it.

One that can explain their pricing strategy and won’t tell you what you want to hear. Someone, well…like me.

Reach out anytime to 215-813-6655 or I’d love to meet you!

PHOTO CAP: Lynne Kelleher

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