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Selling Overpricing your home will cost you

Selling Overpricing your home will cost you

Date: 2016-09-23
The most common mistake that sellers make when listing their property on the market is inflating the asking price. They often ask for a higher amount in order to give themselves a cushion during the negotiation process.

Naturally a seller already has an amount they would like to sell the house for the moment they put it up for sale, but in anticipating the possibility that prospective buyers will put in lower offers than the initial asking price, sellers often inflate the price to counter this and still get out what they hoped for.

However, the problem is that if a property is overpriced, it will have limited appeal to buyers.

Buyers won't take the time to view a property that they deem to be overpriced, and would rather look at homes priced at a reasonable market value.

Anestate agentwill be able to provide the homeowner with a comparative market analysis (CMA), which will give them an accurate indication ofwhat other homes are selling forin that specific neighbourhood.

Working within the correct price bracket for the property, an agent will then be able to determine what features or unique qualities could set the home apart from others in the area to give a more accurate gauge of its value.

Market conditions will have a massive influence on the estimated value of the home. Sellers will need to adjust their thinking to relate to the current market.

Currently conditions are tipping in buyers' favour as they are spoilt for choice when it comes to well-priced investment opportunities. Sellers will need to ensure that their property is priced accordingly or run the risk of watching the market from the sidelines.