4 Pricing Pitfalls Sellers Should Look Out For

Pricing your home for the market can have a major impact on its appeal to buyers. Here are a few of the pitfalls to avoid.

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When selling your home, the way you price it makes a major difference in the kind of traffic your home generates and the kinds of offers you’ll receive on it. Today I’d like to share four pitfalls of overpricing your home so that you know what to avoid when listing it on the market:

1. You may overprice your home out of the market. Home buyers typically search for homes within specific price ranges, and if you’re outside of that price range, your target buyer may not even know that your home is listed. Thanks to technology, buyers do their homework a lot more thoroughly in today’s market and are more likely to do their own comparative market analyses, so you want to make sure that you’re within the sweet spot of their price range.
2. Don’t let your home sit on the market. A home that sits on the market for a long period of time does not look good to buyers. Buyers have the ability to check your home’s cumulative days on market, and if your home has been on the market for way too long, they will take this into consideration when making an offer.
3. An appraisal will reveal the home’s true market value. Any buyer who purchases your home with a mortgage will have to get an appraisal on it before the bank can loan them the money. The appraiser will determine what comparable homes are selling for in your area, and if your home is overpriced, the appraisal will reflect that. At this point, you may have to go back to the drawing board and renegotiate in price.
4. Overpriced homes will take a long time to sell. If you’re looking to move on in your life, this will only delay your progress.

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A home that’s been on the market for a long time may get lower offers.

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So when pricing your home, sit down with a Realtor, do your research, and come up with a good sales price that reflects exactly what the market is telling you.

If you have any other questions about pricing your home or anything else related to Raleigh real estate, give me a call or send me an email. I’d be happy to help you!