What’s the Biggest Mistake Sellers Make When Listing Their Home?
Selling your home is a big decision, and you want to get the best possible price in the shortest amount of time. But one mistake can cost you time, money, and potential buyers. So, what’s the biggest mistake sellers make? Overpricing.
Overpricing can cause your home to sit on the market longer than necessary, leading to price reductions, fewer showings, and ultimately, a lower sale price than if it had been priced correctly from the start. Here’s how I help sellers avoid this costly mistake.
1. Understanding the Real Market Value
Many sellers have an emotional attachment to their home, which can make it difficult to set an objective price. Some believe they should start high to leave room for negotiations, but in reality, buyers are well-informed and will overlook overpriced homes. I provide a Comparative Market Analysis (CMA) that looks at recent sales of similar homes, market trends, and buyer demand to help you price strategically.
2. The Risks of Overpricing
Fewer Showings – Buyers (and their agents) often filter homes by price range. If your home is priced too high, it might not even appear in searches for potential buyers.
Longer Days on Market – The longer a home sits, the more buyers assume something is wrong with it. This leads to lower interest and weaker offers.
Low Appraisal Issues – If a buyer does make an offer at an inflated price, their lender may not approve the mortgage if the home doesn’t appraise for that amount. This can cause deals to fall through or force price renegotiations.
3. Attracting the Right Buyers from Day One
Homes that are priced competitively from the start generate more interest and may even receive multiple offers. This can drive the price up naturally, instead of starting too high and having to reduce the price later. I help sellers strategically price their homes to attract serious buyers while maximizing their return.
4. Adjusting if Necessary
If market feedback suggests that buyers see the home as overpriced, it’s important to adjust quickly. Instead of making multiple small price reductions (which can make buyers think you’re desperate), I help sellers make a strategic adjustment if needed to re-engage interest.
Let’s Get Your Home Sold—The Right Way!
Pricing your home correctly from the start is key to a successful sale. I’ll help you determine the best price for your home based on the market, competition, and demand. Thinking about selling? Let’s connect and get it right the first time!