Setting your home’s price too high can be detrimental to your home sale. Here’s what I mean.
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There are four ways that overestimating how much someone will pay for your home can really damage your home sale:
- Doing so will limit the number of people looking at your property. The seller’s goal should be to do the opposite—to widen the pool of potential buyers.
- It makes people afraid to make an offer on your home, resulting in a low number to choose from, if any at all.
- If you set an asking price that’s well over the market value of your home, more than likely, your property will sit on the market much longer than others.
- You may actually end up getting less money for your home. Since there are fewer people looking at your home and willing to make an offer, coupled with the fact that your home has been on the market longer than usual, buyers might be tempted to offer you a lower price than what you could have gotten if you’d priced it correctly in the first place.
I always advise my clients against setting their asking price too high. If you have any questions about this or about selling your home in general, please don’t hesitate to reach out to me.