Should you list high?
Selling a home can be an exciting yet challenging endeavor. One of the most common mistakes homeowners make is listing their property at an inflated price. In this blog post, we'll explore why listing your home too high can lead to self-sabotage during the selling process. So, before you put that eye-catching price tag on your home, consider the potential consequences.
Hook: This is how you self-sabotage selling your home.
Follow-up 1: Listing your home too high is one of the most common ways to start your home sale on the wrong foot, and here's why.
Follow-up 2: We listed for a random amount above market value, and guess what happened?
Missed Opportunities: When potential buyers search for homes online, they often use price filters to narrow down their options. If your listing price exceeds what they expect homes in your area to cost, they may never come across your listing. Don't let your inflated price tag hide your home from eager buyers.
Loss of Interest: Even if buyers do stumble upon your listing, they may disregard it without even reading the description. Many individuals have a maximum budget in mind, and if your price exceeds that limit, they won't give your listing a second glance. This could mean missed opportunities for potential offers.
Real Estate Market Dynamics: According to Zillow data, there are numerous instances where homes are listed below the asking price and still attract significant attention. These listings generate high viewer numbers and receive hundreds of shares on social media platforms. Setting an unrealistically high price could cause your listing to pale in comparison to those more competitively priced, resulting in decreased interest.
Appraisal Challenges: Setting an inflated price increases the risk of an appraisal coming in lower than your expectations. When this happens, your contract may need to be renegotiated, or worse, it could be canceled altogether. Don't let an appraisal derail your selling process or leave you with a disappointing outcome.
Prolonged Time on the Market: If your listing price exceeds the value of comparable homes in your neighborhood, your property is likely to sit on the market for longer periods. Potential buyers will wait for you to make a price reduction before considering your home seriously. Additionally, if you do receive an offer, you may be pressured to lower your price significantly to close the deal quickly.
Your home is an investment, and it's crucial to sell it for the best possible price. Listing your home too high can have adverse effects on your selling experience, from missed opportunities and loss of interest to appraisal challenges and extended time on the market. To ensure a smooth and successful selling process, it's best to set a realistic listing price that aligns with the market and attracts buyers quickly. Remember, my goal as a real estate professional is to help you achieve the best price for your home.
CTA: Whether you're planning to sell your home months from now or are curious about its current market value, don't hesitate to reach out. Call me for a FREE consultation, and together we can discuss your real estate goals and create a winning strategy. I'm always here to help you navigate the selling process with confidence.