Friday, August 13, 2021 / by Vyral Marketing
Why You Should Avoid Overpricing or Underpricing Your Home
In our market, most homes are still getting multiple offers and quickly selling for above asking price. However, we’re starting to see some homes coming onto the market that are priced a bit too high, and they end up sitting unsold.
When a home’s already overpriced, it’s rare that a buyer will offer to pay more. The home may still get offers, but they’ll be well below asking price. Often, they end up selling for much less than they would have if they were priced correctly.
"Pricing a home too high or too low can cause a seller to scare off buyers who would be willing to pay a maximum price for their home."
Some homes are also being underpriced, which creates large bidding wars and causes some buyers to get discouraged and fatigued. They may not even make an offer when they hit this point.
As you can see, pricing a home too high or too low can cause a seller to scare off buyers who would be willing to pay a maximum price for their home. However, because every home’s condition and location are different, you can’t rely on online valuations to determine your asking price.
The best way to find an accurate market value for your home is to reach out to an experienced real estate professional like myself. If you’d like to learn about what your home could be worth and how you should price it, or if you have any questions about our market, feel free to reach out to me. I look forward to hearing from you soon.