To most homeowners selling a home isn’t just a transaction. No matter how long you’ve lived in your current home, chances are it has become a part of your history.
You’ve made it your own with paint colors you agonized over choosing and improvement projects that felt like they’d never end, and of course, you’ve made memories you’ll cherish forever (and maybe some you’d rather forget…). For these reasons, selling your home can be very difficult to do objectively. Afterall, your home and the memories left with it are valuable!
With that in mind, 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 your property is worth less than what you have priced it at.
2. Eventually, you’ll have to lower the price.
When your home sits on the market for longer than what it should, 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 get an offer on your overpriced home, it home may not appraise! This means that if your home doesn’t match up with comparable sales (as assessed by an appraiser contracted by your buyers’ lender), 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!