The hidden costs of overpricing your home

If you’ve been thinking about selling your home, you might be thinking this spring season as an excellent opportunity – and you’re absolutely right. You know, we’re actually in a seller’s market at the moment because there just aren’t many homes up for sale. So at the right price point, the seller has all of the control. Historically, this time of year sees more buyers on the move and increased competition in the market and we are seeing that already in 2024.

This makes it an exciting time to hang up that “for sale” sign.

While conditions are great for sellers, we still need to be strategic when it comes to setting your asking price. Pricing your home too high may cost us in the long run. 

1. Limited Buyer Interest: Potential buyers may overlook your property because it doesn’t align with their budget or perceived value. This reduces the pool of interested buyers.
2. Extended Time on the Market: An overpriced home typically stays on the market longer. The longer a property sits unsold, the more buyers may perceive it as undesirable or flawed.
3. Stale Listing Perception: When a home lingers on the market, it can develop a stigma of being undesirable or having underlying issues, even if it’s not the case.
4. Missed Opportunities: By pricing too high, you might miss out on potential buyers who could have otherwise been interested if the price were more competitive.

What is the solution, and how do you determine the price to maximize interest?

We collaborate, leveraging my market experience to analyze trends, research comparable sales, tap into my network of local brokers, and employ other strategies to pinpoint the ideal pricing spot.