In today’s real estate market, it is so important to price your house correctly in order to maximize demand.
Overpricing can be one of the most costly mistakes when selling your home. You may think that overpricing will make you more money, but a higher price does not necessarily mean more profit. In a 2019 study by HomeLight, 70% of top agents agreed that the biggest mistake sellers made that year was overpricing their home.
A higher price is actually more likely to turn buyers away and have them looking at other houses instead. A higher price can also cause your home to sit on the market longer or to require a price drop- both of which can also deter buyers.
In a more balanced real estate market, underpricing your home can be dangerous. If it is priced too far below comparables, buyers and their agents may assume that there is something wrong with the home and not even view it.
However, in a sellers’ market like we have going today, underpricing your home could be a great strategy. Since demand is so high, pricing your home low could trigger a multiple-offer situation where the price is driven up even above market value!
The best piece of advice for pricing your home right is to seek expert advice from a licensed real estate agent. Realtors are well-versed in pricing homes and will run a comparative market analysis to evaluate what other similar homes have sold for recently. They can also help you gauge the market to determine what kind of strategy to go with for pricing your home.
If you would like a FREE market analysis of your home, give us a call at (205) 579-8963.