Over Priced Home- More Costly In The End

Many sellers feel that if their home is priced a few thousand dollars above the amount of money they ultimately want to receive, they will in turn receive a winning offer. Not necessarily the case.

The most successful sale is achieved by accurately pricing your home the minute you decide to sell.

Over priced homes will not get favourable attention and lose out to homes that are reasonably priced.

All sellers are looking for the highest price for their home. That's why some sellers want to start at the highest point, may be even asking a higher price than what they really believe they can get -- the continued readjustment of price can be a humbling ride down to finding the reasonable price to sell the home.

Still dropping the price sounds like an okay strategy....but this is why it's not...

In today's current market, there are sellers competing for buyers and of course, many buyers competing for those few homes. -- Buyers have ease of access to market sale prices of similar homes to yours and are very well educated on what to expect a certain style home to sell for. They have a guide as to what certain features add value, what a certain area should sell for. etc. They will not pay thousands more for your home, if the average price says different.

The majority of buyers use buyers' agents to assist them with purchasing a property. Buyers' agents will help the buyers find a home that's right for them. If their buyers are interested in a particular home and it is priced too high (based on comparable properties sold) then the buyers' agents will find their clients similar more reasonably priced homes to view in the same area.

Obviously, the longer an over-priced home sits on the market, typically the more financial stress the seller begins to feel. If the seller has purchased a new home or must move to another city, suddenly the desperate seller syndrome sets in and low ball offers may have to be accepted due to financial circumstances. And there will be low ball offers. It is anticipated that the seller is desperate or there is something wrong with the home.

Pricing a home correctly, the minute you decide to sell is vital. – other wise the "we-can-always-drop-our-price" strategy could become more costly in the end.

All sellers are looking for the highest price for their home and all buyers want to spend the least. The true value , “the proof is in the pudding" and your market evaluation as a guide and your agents strong marketing plan is the way to achieve your most successful sale.

Alison O’Toole

Alison O’Toole

CENTURY 21 Bachman & Associates
Contact Me

Blog Archives