When you list your home for sale, it’s important to price it right. At any given time through a search on a Multiple Listing Service, you’ll see a fair share of sellers overprice their homes, with properties sometimes sitting on the market for months. These properties ultimately end up selling at a lower price than if they were priced right to begin with. Here are a few things to consider when pricing your home for sale:
- Know that overpricing will mean your home will take longer to sell than it needs to. This may indicate to potential buyers that something is wrong with your home.
- Homes that sit on the market for long periods of time undergo price reductions if they are going to sell. The longer a home is on the market, the lower the interest from buyers becomes, meaning the home often sells below what it would have if priced appropriately from the start.
- The longer your home sits on the market, the longer you will need to keep your home in ready-to-show condition. That could mean more time and effort cleaning house, or additional costs for home staging, yard maintenance and utilities which can add up.
- Future plans might be placed on hold, and opportunities missed if a home takes much longer to sell or sells for less than anticipated.
Trust your real estate agent’s pricing strategy, but don’t be afraid to ask questions. Brokerages like MAP Properties are immersed in the local East Bay market. We have a thorough understanding of what buyers will pay for a home and will help you price it to sell for the highest price in the shortest amount of time. Remember, an agent who will list your home overpriced knows it will take longer for it to sell, meanwhile using your home to attract buyer leads for other properties.
Don’t make the mistake of overpricing your home. Contact us today for a free consultation.
