Selling your home is not just a transaction. No matter how long you’ve lived in your current home, it’s become a huge part of your life. Whether you’ve been in your house for 20 years or only 2 years, you’ve made it your own through paint colors, memories, improvement projects, etc. For this reason, selling your home is very difficult to do objectively. Your home is so valuable to you!
Essentially, it makes sense that the #1 mistake sellers can make is overpricing their home.
Just at first glance, overpricing holds several major consequences:
1. Fewer REALTORS® will look at your home
If your home is overpriced, expert real estate agents will know. While comparing your home with others in the area, it will be obvious if your property is worth less than the price. The last thing you want is to own the property at the bottom of the ladder.
2. Eventually, you’ll have to lower the price.
When your home sits on the market for a long time, you’ll eventually have to lower the price. By this time, your home will be “old news” and you might have a hard time convincing buyers to take a second look.
3. Your house may not appraise.
If you do sell your home at an overpriced rate, your home may not get appraised! This means that if your home doesn’t match up with comparable sales, your buyer can walk away without consequence.
Want to avoid this top seller mistake? The best way to price your home correctly is to find a REALTOR® you trust. A good agent will be honest about your home’s value and won’t just tell you what you want to hear. Be sure to compare your home to other comparable sales and listen to expert advice!