Spring is the sweet home selling season, and if you are also thinking of joining this hot seller’s market it’s the time to do it because more buyers move now.
However, even though fewer homes are for sale and there is more competition, sellers still need to be strategic in their asking price. Listing your house too high may seem like a good idea, but it could actually cost you in the long run.
Let’s dig deeper into why and how to avoid it.
What is the disadvantage of overpricing your house?
First impressions are everything – not just in your home’s curb appeal and photo marketing, but before that and the second that potential buyers see your home’s asking price on your listing online. If your home is priced too high, it may turn buyers away before their feet even walk through your front door.
According to U.S. News Real Estate, this even applies to home listings in a hot market, where supply is less than demand. Despite the stiff competition in this market, buyers still don’t want to pay more than they have to or more than they can because of a shrinking budget due to the economy’s appreciation overall, along with the spike in mortgage rates.
If you do mistakenly overprice, your home is going to take longer to sell. That’s not necessarily because of the price itself, but because of what it implies to potential buyers, such as:
- Why has it been sitting so long on the market? Is there something wrong with the home?
- Why have the sellers made a significant cut to the listing price? Is there something wrong with the home?
The result? Your potential buyer will not go as far as askingyour agent these questions; they will just assume something is wrong and scroll past your listing to check further into more recent listings.
How your agent can help in setting the right price
Lean on a pro in the real estate industry you can trust. An expertagent will know where to price your home at or just below current market value through research, experience, and deep knowledge of the local area. The right agent will also know how to factor in the condition of your house, including upgrades, as well as the comps of your home that are selling in the area to bring in more buyers and more offers – quickly.
If you are ready to list your home, connect with Paige Bird, a local real estate agent who will find the right price for your house to maximize your profit and take care of you every step of the way. 2024 has already proven successful for Paige Bird, as she sold seven homes in February alone. This year also marks Paige’s 20th year working in the real estate industry. During her tenure, she assisted more than 2,200 families in their home-buying and selling journeys. Paige is renowned for her extensive experience and commitment to high ethical standards, which uniquely positions her as the go-to agent for those looking to achieve their 2024 real estate goals. For a free consultation with Paige, contact her today at (843) 450-4773.
Download the Paige Bird app free in the App Store or Google Play today!
For a free consultation with Paige, contact her today at 843.450.4773.
You can also follow her on Facebook and Instagram for all the latest real estate trends.
