Overpricing your Home

So you have decided to list your home, and you have met with a number of REALTORS® to obtain their advice and thoughts on the price your home should be listed at. Although it may be tempting, don’t automatically commit to a REALTOR® that quickly agrees with you as to what the listing price should be. If you have met with a number of REALTORS® and they have all given you similar listing price suggestions, be aware of a REALTOR® that gives you a significantly higher price than the rest.

Chances are, the REALTOR® who is giving you the higher price is trying to ‘buy your listing’. Although it may seem attractive at first, this can end up causing you to accept a much lower price in the long run. Sharply priced homes attract a maximum number of buyers and overpriced homes can be used as a pawn to help sell appropriately priced homes.

The risk of overpricing your home can be a downward spiral for your listing and chances are, the REALTOR® who agreed to list your home significantly higher than the market dictates, already knows that your home will not sell for this price and plans on lowering it shortly after entering into a contract with you. Not only will this be a disappointment for you, but your listing may become ‘stale’ on the market. That is, the longer it is on the market, the more people start to wonder why and what could be wrong with it.

Be sure to do your homework when choosing a REALTOR®. Ask to see evidence of how and why each REALTOR® suggests the price that they do. A well-prepared and market savvy REALTOR® should have a number of comparable sales to show you that will support the price they are suggesting. Most importantly, choose a REALTOR® that you trust and that you feel confident in. As tempting as it may be, don’t jump to sign with the one who suggests the higher price!

For any real estate assistance in the Oakville, Burlington, Milton area contact Mary at maryobrienc21@cogeco.ca  

Mary O'Brien

Mary O'Brien

Sales Representative
CENTURY 21 Miller Real Estate Ltd., Brokerage*
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