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The Ouch Behind Overpricing

There is no doubt every seller wants to receive the highest return on their home. Unfortunately all too often in the bid to list your home an eager agent may over-inflate the price of your home in an attempt to secure the listing.

Here’s why the appeal may not be worth the risk.

Let’s look at a domino effect overpricing may result in:

  1. Burning your listing-
    Today’s buyers are savvy and well informed about the market trends. An overpriced listing will be compared to other homes that are truly in that the price range. If your home doesn’t stack up well against the competition buyers won’t be fooled. Your home may sit on the market for an excruciatingly long period of time.
  2. Stigma-
    Once your homes been on the market for a noticeably lengthy amount of time, buyers and agents may conclude that the home is “troubled”.
  3. Assumptions Begin-
    With buyers being privy to the above information it’s likely that if you eventually receive an offer it will fall well below fair market value. As they may get the idea that you are willing to now accept a lower than fair offer on your home.

Selecting the listing price and determining a realistic sales price should not be taken lightly. The Faith Wilson Group uses a large range of statistics and an assessment of the uniqueness of your home to determine the right pricing strategy.

 

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