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Dangers of Overpricing Your Home

For many homeowners preparing to sell their home, setting a price is not always easy. Even though prices are currently on the rise, not getting carried away is sometimes a challenge. If you want your home to sell quickly then pricing it wisely is vital. 

Selling a home in Gilbert AZ

Important Steps to Take

One of the most important steps in the home sale process is pricing. It is why using a real estate agent is a great idea. Having a knowledgeable third party member to lead the discussion and research is the easiest possible way to arrive at a price everyone is happy with. Overpricing in the end just takes up time and money. If the price is too high your home will not only sit on the market longer, but you may end up incurring costs such as staging, further maintenance or updates in order to keep up the facade of your listing price. But if you do your research and are honest about comparable homes in the area, pricing will be easy.

Home Buyer’s Point of View

In general, people looking for a home will go see from ten to 20 homes in their search. This is before they will even make an offer. Very few homebuyers buy the first home they see in person, let alone online, but one of the first things they hear is price. It sets the tone for the home whether your home is a knock-out or a fixer-upper. Remember that just as you are working with an agent so are your potential homebuyers, so their agent will professionally advise them as to whether or not they think it is overpriced.

Pricing Factors to Consider

If your home is the best on the block with all the necessary updates, fantastic curb appeal and a worthy price tag it is likely to sell and sell quickly. However, there are several factors that go into pricing a home, both inside and out.

  • Proximity to amenities.
  • Neighborhood and community life.
  • The neighbor’s yards and houses.
  • All operating systems (HVAC, roof, plumbing, electricity) are up to date.
  • Curb appeal is impressive and inviting.
  • Paint colors are neutral and a blank canvas for incoming homebuyers.
  • Location, location, location.

Remember that pricing your home should only have to be a one time event if it is done correctly. The market is changing, but it shouldn’t change so drastically that you have to make a drastic change in price. If you overprice then you risk the chance of having to adjust your price lower which in the eyes of some homebuyers cheapens your property, or solidifies their belief that your home is not worth that much money. Avoid price changes and wasted time by taking the correct steps from the get-go.

In order to price your home wisely and sell your home efficiently, please do not hesitate to contact us for further information. Our Definitive Guide to Selling Your Home is also an excellent resource for the home selling process.

Selling Your Home Basics

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