Avoiding the Pitfalls of Overpricing in a Seller’s Market

Keeping Current Matters had a good article discussing the importance of correctly pricing your home when you first put it on the market. Here are some highlights from the article:

While it’s a hot seller’s market this spring, overpricing your home can backfire. The asking price creates a critical first impression – if too high, it deters buyers before they even tour the home. As U.S. News states, “Buyers aren’t going to pay attention to an inflated asking price,” even in a hot market.

Overpricing risks your listing getting skipped entirely or not receiving offers if deemed too expensive. It may then require a price reduction down the line, which can raise doubts for some buyers.

The smarter approach is pricing at or slightly under current market value from the start. But determining that ideal price requires an agent’s expertise in evaluating condition, upgrades, comps, and other factors to pinpoint an accurate value.

Properly priced homes attract more buyers, better odds of a bidding war, and tend to sell quicker. So, while maximizing profits is the goal, overpricing does more harm by deterring buyers and stalling the sale.

Pricing your home right is key for a successful sale. Work with an experienced local agent like me to set the perfect asking price based on comparable sales. If you’re thinking of selling, let’s meet for a free pricing consultation and market analysis. Even if you’re not ready yet, I’ll provide home prep tips to get you started.

Don’t leave money on the table – contact me today to ensure your home sells for top dollar.

If you’d like to read the full article, you may find it HERE.