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The 7 Deadly Sins of Overpricing Your House

Most experts would advise that the best way to increase your odds of a successful sale is to price your home at fair market value. But, as logical as this advice sounds, for many sellers it’s still temping to tack a few percentages points onto the price to “leave room to negotiate”. To avoid this temptation, let’s take a look at the seven deadly sins of overpricing.
Appraisal Problems
  • Even if you find a buyer willing to pay an inflated price, the fact is that over     
  • 90% of buyers use some form of financing to pay for their home purchase. 
  • If your home won’t appraise for the purchase price, the sale will likely fail.
No Showings
  • Today’s sophisticated buyers are well educated about the real estate market.
  •  If your home is overpriced, they won’t bother looking at it, let alone make you an offer.
Branding Problems (become known as the home that’s overpriced)
  • When a new listing hits the market, every agent quickly checks out the property to see if its good fit for their clients. If your home becomes branded as “Overpriced”, reigniting agents’ interest may be close to impossible.
  • They’ve already eliminated it from their inventory of homes to show.
Helping the Competition
  • Overpricing actually helps your completion sell THEIR home! Why??
  • Because you’re overpriced home makes their lower pricing seem like a bargain. Nothing is worse than watching your neighbors put up a “Sold” sign while your home is still on the market
  • The longer your home sits on the market, the more likely it is to become stigmatized or stale. Have you ever seen a property that seems to be perpetually for sale? It kind of makes you wonder…. “What’s wrong with that house”?
Tougher Negotiations
  • Buyers who do view your home may negotiate harder because the home has been on the market for a longer period of time and because it’s overpriced compared to the competition.
Lost Opportunities
  • You will lose a percentage of buyers who are outside your price point.
  • These are buyers who are looking in the price range that the home will eventually sell for, but don’t see your home because the price is above their pre-set budget.
  • Most buyers look at 10-15 homes before making their decision to buy. Because of this, setting a competitive price relative to the completion becomes an essential part of your marketing strategy.

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Listing information is provided courtesy of The Coastal Association of REALTORS® and/or The Sussex County Association of REALTORS®, which neither guarantees nor is in any way responsible for its accuracy. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of The Coastal Association of REALTORS® and/or The Sussex County Association of REALTORS®. The materials contained within this page may not be reproduced without the express written consent of this broker. The information contained within this page is for personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All room dimensions and other measurements are approximate. All information is deemed reliable but is not guarantee. Prospective purchasers should verify the information to their own satisfaction. All data is provided 'AS IS' and with all faults. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified. Some real estate firms do not participate in Internet Data Exchange® and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Some or all of the listings displayed may not belong to the firm whose web site is being visited. Information deemed reliable but not guaranteed.

Based on information from Sussex County Association of REALTORS®, Inc., which neither guarantees nor is in any way responsible for its accuracy. All data is provided 'AS IS' and with all faults. Data maintained by Sussex County Association of REALTORS®, Inc. may not reflect all real estate activity in the market.