Price Your House to Sell!
There are many factors why a buyer may want to purchase your home but the most critical is price. Pricing a home to sell in Massachusetts is a source of much debate. The trap that many sellers in Massachusetts fall into is listing their home for greater than market value. The thinking is that buyers will always offer less than asking price, therefore, if they overprice their home they will get what the “really want.” This philosophy is deceptive and actually works against the seller in the sale of their home. The reason why is that when a home is overpriced at the start, it misses what can be the most critical time period in selling a home – the first 2-3 weeks after it’s listed. “Once this period is passed and little traffic is generated at the initial price level, it becomes necessary to seek a lower listing price. Depending on market conditions this cycle may repeat several times before a sale is made, resulting in an eventual sale price that is well below the initial listing price, and possibly lower than the market value for your home.” (Realty tools, Inc.)
The obvious reason for not over-pricing a home is that it will take longer to sell, however, here are some other reasons to consider:
Over-priced homes help similiar, well priced properties sell more quickly
Over-priced homes may cause mortgage rejections due to appraisal values
Over-priced homes deflate buyer’s enthusiasm for your property and results in below market value offers
Over-priced homes sit on the market longer making potential buyers believe there is something wrong with your home
5 Signs your home is overpriced