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Is Your Home Selling Above Market Value?

Selling Your Home Above Market Value

When you sell your home you have the decision to ask for whatever price you want. Whatever factor you derive at your home’s value, just make sure you don’t price it astronomically above the market value or you might suffer the consequences. Often sellers gravitate to the high sales price especially in a hot market where lots of buyers are competing for scarce inventory, even then it is not wise to overreach.

If your home is on the market and you are not getting interest in the first few weeks, chances are, you’ve priced your home above market value. An overpriced listing can turn off potential buyers. Take a look at the chart below and see how pricing a home at fair market value gets fair exposure to potential buyers.

pricing vs potential buyers

How you price your home will directly impact how many buyers, showings, and offers you attract. The higher you price your home above market value, the less buyers will look for your property. Not getting enough exposure somehow leads to a string of negative results:

  • Buyers don’t buy overpriced properties
  • An overpriced listing will not get as many showings as a home that is priced correctly
  • You will end up reducing your price if your listing has been on the market for long
  • By the time you reduced your asking price, your home become overly exposed
  • Even if you do get a serious offer, the excessive price can lead to a mortgage rejection for the buyer once an appraisal was done to your home which leads to critical lost time waiting for finance approvals that will never go through.

 

Bottom Line

If you haven’t sold your home yet, re-evaluate your price. Sellers who overprice their homes even just 10% above market value, then reduce the price one or more times after the home has been sitting on the market for long often end up getting less than they would have if they’d priced it realistically from the start.

Overpriced homes most often get ignored. If you would like to sell your home fast, you have to price it realistically right from the beginning, that way you can maximize your home’s exposure and attract the right buyers who are willing to pay top market value for your home.

 

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Filed Under: Blog, Home Selling, Home Selling Tips

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"My husband and I met with Michael in mid-December, our house went on the market January 16th and was under contract January 19th. Michael and his team are amazing at what they do and did everything could to help us. We were out of our old house and in to the new one within a month of our house going under contract. I would highly recommend using the J. Michael Manley team for buying and/or selling. They made the hassle or buying and selling so easy and everything was very smooth."


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Whether it is buying or selling a home, there is no bigger decision than choosing the sales associate who will represent you during the transaction. Beyond being trustworthy and honest, you need someone who has the experience and drive to help you in the real estate selling or buying process. Livian Estates have represented countless clients to satisfactory resolutions, either in finding the perfect homestead or selling their home to a new family.


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