Overpricing Your House: The Costly Mistake

If you're aiming to sell your house, you likely view this spring season as an opportune moment – and you're absolutely correct. We're currently entrenched in a seller's market due to the scarcity of available homes for sale. Historically, this time of year witnesses increased buyer activity and heightened competition, making it an exhilarating period to erect that "for sale" sign.

However, despite favorable conditions favoring sellers like yourself, it's imperative to adopt a strategic approach when determining your asking price. Setting your price too high could potentially backfire and incur long-term costs.

The Downside of Overpricing Your House

The asking price for your house sends a message to potential buyers. From the moment they see your listing, the price and the photos are what’s going to make the biggest first impression. And, if it’s priced too high, you may turn people away. As an article from U.S. News Real Estate says:

Even in a hot market where there are more buyers than houses available for sale, buyers aren't going to pay attention to a home with an inflated asking price.”

That’s because no homebuyer wants to pay more than they have to, especially not today. Many are already feeling the pinch on their budget due to ongoing home price appreciation and today’s mortgage rates. And if they think your house is overpriced, they may write it off without even stepping foot in the front door, or simply won’t make an offer if they think it’s priced too high.

If that happens, it’s going to take longer to sell. And ideally you don’t want to have to think about doing a price drop to try to re-ignite interest in your house. Why? Some buyers will see the price cut as a red flag and wonder why the price was reduced, or they’ll think something is wrong with the house the longer it sits. As an article from Forbes explains:

“It’s not only the price of an overpriced home that turns buyers off. There’s also another negative component that kicks in. . . . if your listing just sits there and accumulates days on the market, it will not be a good look. . . . buyers won’t necessarily ask anyone what’s wrong with the home. They’ll just assume that something is indeed wrong, and will skip over the property and view more recent listings.”

Your Agent’s Role in Setting the Right Price

Instead, pricing it at or just below current market value from the start is a much better strategy. So how do you find that ideal asking price? You lean on the pros. Only an agent has the expertise needed to research and figure out the current market value for your home.

They’ll factor in the condition of your house, any upgrades you’ve made, and what other houses like yours are selling for in your area. And they’ll use all of that information to find that target number. The right price will bring in more buyers and make it more likely you’ll see multiple offers too. Plus, when homes are priced right, they still tend to sell quickly.

Bottom Line

Even though you want to bring in top dollar when you sell, setting the asking price too high may deter buyers and slow down the sales process.

Let’s connect to find the right price for your house, so we can maximize your profit and still draw in eager buyers willing to make competitive offers.

76 Properties
Page 1 of 7
$339,000
Neighborhood: Wellen Park Golf & Country Club
2
Beds
2
Baths
1,120
Sq.Ft.
2023
Year Built
4
Days on Site
A4614914
MLS
$693,990
Neighborhood: Avelina Wellen Park Village F-2
3
Beds
2
Baths
2,327
Sq.Ft.
2024
Year Built
7
Days on Site
A4614372
MLS
$566,990
Neighborhood: Wysteria Wellen Park Village F-4 Replat
3
Beds
2
Baths
1,778
Sq.Ft.
2024
Year Built
8
Days on Site
T3534881
MLS
$463,990
Neighborhood: Wysteria Wellen Park Village F-4
2
Beds
2
Baths
1,434
Sq.Ft.
2024
Year Built
8
Days on Site
T3534977
MLS
$645,787
Neighborhood: Wellen Park Golf & Country Club
4
Beds
2
Baths
2,246
Sq.Ft.
2024
Year Built
8
Days on Site
T3534852
MLS
$875,596
Neighborhood: Wellen Park Golf & Country Club
3
Beds
3
Baths
2,799
Sq.Ft.
2024
Year Built
8
Days on Site
T3534856
MLS
$615,997
Neighborhood: Wellen Park Golf & Country Club
2
Beds
2
Baths
2,061
Sq.Ft.
2024
Year Built
8
Days on Site
T3534847
MLS
$879,122
Neighborhood: Wellen Park Golf & Country Club
3
Beds
2F11/2
Baths
2,395
Sq.Ft.
2024
Year Built
8
Days on Site
T3535087
MLS
$746,713
Neighborhood: 3454 - Lakespur At Wellen Park
3
Beds
2F11/2
Baths
2,080
Sq.Ft.
2024
Year Built
9
Days on Site
T3534828
MLS
$599,500
Neighborhood: Wysteria-Wellen Park Village F-4 Rep
3
Beds
2
Baths
1,859
Sq.Ft.
2023
Year Built
9
Days on Site
N6129960
MLS
$789,000
Neighborhood: Wellen Park Golf & Country Club
3
Beds
2
Baths
2,078
Sq.Ft.
2023
Year Built
12
Days on Site
A4613911
MLS
$1,115,308
Neighborhood: Wellen Park
3
Beds
3
Baths
2,880
Sq.Ft.
2024
Year Built
14
Days on Site
T3533589
MLS

Post a Comment