In this video, Mark Stock explains both the pitfalls that can come with overpricing a home you’re trying to sell as well as one major advantage when your home’s price hits the mark.
The Pitfalls of Pricing Your Home Too High
When it comes to pricing your home the right way, be mindful of the following:
1. When you overprice your home, there is a higher chance that the property will become virtually invisible to potential home buyers. Consequently, this leads to the property spending an inordinate amount of time on the market. Properties that sit on the market longer than others in the same area can raise psychological red flags for potential buyers. Essentially, if a home has been shown multiple times and rejected by others, why should anyone else consider buying it?
2. habitually setting unrealistic price tags on a home could make you undesirable to area Realtors. This, in turn, will reduce the potential number of eyes on your property, making it much more difficult to sell in the long run.
3. By pricing your home correctly, you set up the opportunity to receive multiple offers on your home. Bidding wars between potential buyers could then help you close on a considerably higher market price when it’s all said and done.
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