As you can see, overpricing your home can have several drawbacks, such as scaring buyers away and netting you less money.
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When trying to sell your home, it’s easy to get a little emotional and want to get as much money for it as we can. This, unfortunately, is how overpricing happens. There are four big drawbacks to overpricing your home:
- It can scare potential buyers away. Those buyers will look at the price, get nervous, and perhaps think that you are not willing to come down to a more reasonable price level.
- It can create buyer’s remorse after purchasing. Perhaps within the 10-day due diligence period, they may find things wrong in the inspection reports. When they do that, they could have a little remorse in feeling that they’re not getting as much value for what they’re paying for.
- It can net you less money. Any listing can get stale after two to four weeks. If you overprice your home, it’s going to sit on the market for quite a few months. During that time, you’re going to pay for things like upkeep, mortgage payments, taxes, and a myriad of other ongoing expenses.
- It can cause appraisal issues. If your home is overpriced and the appraisal comes in at a lower price, that’s going to cause problems such as price reductions and protracted negotiations.
If you have any further questions about overpricing or need an expert valuation done on your home, please don’t hesitate to give me a call or send me an email. I look forward to helping you in any way I can.
