If Your Houses Price Is Not Compelling, Its Not Selling

Theres one big mistake you need to avoid when you sell your house this year: setting your price too high. It might seem like overpricing gives you room to negotiate or could really boost your profit, but the reality is, it usually backfires.

In fact, Realtor.com says almost 20% of sellers thats one in five have to reduce their price to get their house sold. And you dont want to be one of them. Heres why starting too high can lead to trouble, and how to avoid it.

Overpricing Pushes Buyers Away

With mortgage rates and home prices where they are right now, buyers are already stretching their budgets to make a move. So, when they see a house thats priced too high, theyre not thinking, I can negotiate. Theyre more likely to think, next and skip over your house entirely. An article from the National Association of Realtors (NAR) explains:

Some sellers are pricing their homes higher than ever just because they can, but this may drive away serious buyers . . .

And if they skip over your listing, youll miss out on the chance to get them through the door. Thats the last thing you want because fewer showings mean fewer chances to receive an offer.

The Longer Your House Sits, the More Skeptical Buyers Will Get

Heres the other issue. An overpriced house tends to sit on the market longer. And the longer a house lingers, the more buyers start to wonder whats wrong with it. Is there a problem with the house itself? Are you difficult to work with? Even if the only issue is the price, that extra time creates doubt. As U.S. News says:

. . . setting an unrealistically high price with the idea that you can come down later doesnt work in real estate . . . A home thats overpriced in the beginning tends to stay on the market longer, even after the price is cut, because buyers think there must be something wrong with it.

At that point, youll have no choice but to lower your price to drum up interest. But that price reduction comes with its own downside: buyers may see it as another red flag, that theres an issue with the house.

The Key To Finding the Right Price for Your House

So, whats the secret to avoiding all these headaches? Its simple. Work with a local real estate agent who knows the market inside and out, and whos going to be honest with you about how you should price your house.

You dont want to partner with someone who just agrees to whatever number you throw out there. Thats not an expert whos going to get you the best results.

You want an agent who recommends a price based on their expertise. The right agent will use real-time data from your local market to help you land on a price that makes sense one that grabs attention, attracts buyers, and still helps you walk away with a great return. Someone who has been there and done that and done it well. Thats the agent you want to work with.

Bottom Line

Remember, if the price isnt compelling, its not selling. Instead of shooting too high and scaring off buyers, work with a local agent who knows how to price it right.

Connect with an agent to make sure your house hits the market with the right price, gets noticed, and gets sold.

Venessa James - Broker Associate    

ABR, ALHS, CHMS, MCNE, LUXE, SFR, SRS  

Platinum Experience Group - KW Professionals 

(281) 889-8292 platinumexperiencegroup.com

Integrity, Experience, Results