The dangers of overpricing your home are more important than one can realize.
The two major factors are;
- it can decrease the number of interested buyers and
- more importantly increase the days on the market.
Each day that your home sits on the market it can become shopworn from prospective buyers and it costs you money in interest on your current mortgage.
A study was conducted by the National Association of Realtors in 2012 when a buyer perceives the value as a fair market, 95% of buyers that are looking for a similar property will be interested in the property. In the same scenario if the property is perceived to be 20% over the fair market value only 20% of interested buyers will look at the property. That is a huge gap of buyers that you're missing out on if you overprice your property. Many factors go into pricing your home; the amount of inventory in your neighborhood, the condition of your property, location and design of your home. All of these factors play vital roles in pricing your property, as real estate professionals we have the expertise, knowledge of current trends in the real estate environment and the latest sold comparable for your area. All of these factors allow us to give you the best market value for your home.
The most effective strategy to get the most for your home is the have the most prospective buyers interested in your home. The closer to market value a property is listed for the most appeal to prospective buyers.