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Why You Shouldn’t Overprice Your Home

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The Negative Effects of Overpricing A Home

If you are trying to move in to a new home, you need to be able to sell your current home first. Selling your home is never an easy task, especially if you trying to get the most value out of it. Some thing that seems as easy as putting a price tag on your home is no walk in the park either, of course you want to make some money from your home, but overpricing your home can be very damaging to the overall sale of your home. Let’s look at a few reasons Why You Shouldn’t Overprice Your Home.

Intimidate Buyers

It’s natural human instinct to look at the price of an item before you purchase it, and that is no different with a home. If your home is priced too high, your house will only be attractive to people of a different tax bracket, and there is a smaller percentage of them. The more affordable and reasonable the price of your home is, the more potential buyers you will have.

Days Will Go By

Chances are if the price of your home is too expensive, the home will be on the market for a long time. Homes on the market for a high number of days scream “don’t buy me, there is something wrong with me” even if the house is the perfect home. Buyers can see how long a house is on the market for, and the higher the number is, the less attractive the home becomes. This is one of the lasting effects to be felt if you overprice your home and there is not much that can be done once the listing has already been put up.

Real Estate Agents

Everyone is trying to make plenty of money, real estate agents included. The high price tag of your home can attract bad agents who want to sell your home for that purpose alone. Good agents will let you know that the price of your home is overpriced and try to get it to a price that is more reasonable. And smart agents will avoid your home all together because they will be able to identify an overpriced home from a mile away.

The best way to avoid all of these issues is to hire a real estate agent and ask for their advice on how much your home should be priced, based on their knowledge of the neighbourhood and what previous homes have been sold for. Most real estate agents will encourage a bidding war to drive the price of your home upwards.

If you need help moving in to your new home, do not hesitate to contact us to receive your free quote.

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