When it comes to getting the most money for your home with the least headaches in the shortest amount of time, nothing can stop that process faster than overpricing. In fact, it's the number one reason homes don't sell.
As a real estate professional commited to happy clients who are eager to get the most from their investment, sharing this must know information with potential sellers is on the top of my list.
Timing is everything
Very often a seller asks, "We can always come down later-- right?" Historically when your house goes on the market, the greatest potential for buyer traffic is in the first 30 days. By pricing it high with the intention of dropping the price later, you are completely bypassing your best candidates for buyers.
Showing Shut Out
Agents have an obligation to do what is best for their clients. Clearly, showing overpriced listings does not fall into that criterion. With inventory high, agents will undoubtedly choose to show properties that are within their buyers price range and that meet the current fair market value.
Benefits of Competition
Unfortunately, when a home is overprices, it not only sits o the market but acts as a selling point for the other market-priced homes. It is a cue to buyers to say, "I can get the same house for less!"
Even if an agent agrees to list your home too high, and even if you were to find a buyer willing to pay more... and these are both big IF's... today's lenders are extraordinarily cautious now. They base their loans on accurate appraisals and appraisers must base their price on comparable properties that have sold.
Time On Market
Overprices homes will simply sit on the market. Unfortunately, extended time on market forces the question in a buyer's mind of the possible bigger problems looming within the walls of the property. Put yourself in a buyer's shoes. What's the first two things a buyers asks when they consider a property? What's the price and how long has it been on the market?
Unfortunately, when a home starts its listing life overpriced, it almost always sells for less than the market value. With few buyers to choose from, zero leverage because of time on market, too high an asking prices and carrying costs to maintain the property, most sellers find themselves getting the least from their investment rather than the most.
NAPLES REAL ESTATE BLOG
This section will not be visible in live published website. Below are your current settings:
Current Number Of Columns are = 2
Expand Posts Area =
Gap/Space Between Posts = 7px
Blog Post Style = card
Use of custom card colors instead of default colors = 1
Blog Post Card Background Color = current color
Blog Post Card Shadow Color = current color
Blog Post Card Border Color = current color
Publish the website and visit your blog page to see the results
©2019 All Rights Reserved
The source of this real property information is the copyrighted and proprietary database compilation of the © 2020 M.L.S. of Naples, Inc. and © 2020 Renee Hahn, Realtor, William Raveis Real Estate. Accuracy of this information is not warranted or guaranteed. Information should be independently verified if any person intends to engage in a transaction in reliance upon it.
Our Web site Accessibility: We are committed to providing an accessible web site. If you have difficulty accessing content, have difficulty viewing a file on the web site, or notice any accessibility problems, please contact us to specify the nature of the accessibility issue and any assistive technology you use. We will strive to provide the content you need in the format you require.