The Dangers Of Overpricing Your House
Why overpricing your house when selling might not be a wise decision.
The summer months are amongst us and historically this is the busiest time in the Real Estate industry. When placing your home for sale, you need to take into consideration several factors so you do not over price your home.
Envision yourself at the local Jewel or Marianos when shopping. You need to buy a loaf of bread and as you browse the various brands you notice that for the most part the price of the bread is similar. Some may cost a little more because they have no preservatives or are multi grain. Unless you are looking for a specific brand, you probably will select the bread that has a lower price.
The above scenario can relate to your property when placing it on the market for sale. Your house may have the same amount of bedrooms, square footage, and location as your competition but the only difference between you and your neighbor who just sold his house is that he priced it right.
As Realtors we take into consideration many factors when coming up with a price for a seller. When preparing a comparative analysis, we take into account what homes sold for the past in your area, we also look at the number of bedrooms, updates and any other special features your house has. We also keep in mind what is currently on the market in your area. Although we want our sellers to get the most for the sale of their property we do not want them to loose out by overpricing a house.
The first few weeks that you place your home on the market are the most crucial. As a new listing on the MLS, you usually will get a steady flow of traffic and hopefully multiple offers when pricing your home right. If you do not price it right you may notice there are not that many showings, or you may get comments that the house is overpriced, or the price and updates do not justify the asking price. The longer you wait to adjust your price the more time you risk loosing and have more competition on the market in your area.
When placing your house for sale, it is always good to use a Realtor to help market and sell your home. We are here to make the process a less stressful one for you. If we can be of assistance call us 773-661-5309 and let the DGK Realty Team of Betancourt Realty help you with your Real Estate needs.