SELLERS BEWARE: The Overpricing Trap!

Blog Post Image
Real Estate

Pricing strategy is one of the most important elements in selling real estate.

To get top dollar, it's essential to price a property accurately for the current marketplace. The reason is simple. Virtually all buyers search for properties online before scheduling time to see a listing in person. That means these buyers know in great detail what comparable homes are listed for in your area. If you overprice the property, you risk having your home sit on the market with few buyers who will consider viewing (let alone putting an offer on) a home that is clearly more expensive than comparable homes.

"To get top dollar, it's essential to price a property accurately for the current marketplace."

This lack of interest can lead to a compounding issue. If your home is listed for a longer than average time, you will have created a perception problem. Buyers often assume that there is something wrong with a property that's been sitting on the market for too long.

When you fall into the overpricing trap, corrections can be costly. To generate enough interest in your property, you may be required to drop the price below what would have originally been considered market value. Instead of giving yourself room to negotiate with sellers, you will have set yourself up for selling a property under market value.