There are many reasons not to overprice your home, but one of the biggest is because it simply won’t sell. When you overprice a home, the odds of it selling are stacked against you. No one wants to offend the buyer by offering less than the asking price and no one wants to get into a lengthy negotiation. There are many dangers of overpricing your Maryland home. Let’s take a look.
Scaring Off Buyers
Buyers are scared off by large price tags. Not only will it put your home out of many price ranges, but it could even make buyers completely steer clear of your home. Buyers often work with an agent they trust and these agents will be able to spot an overpriced home. These agents will advise their clients to stay away from your home. These days, your home is not only listed on your agent’s website. They can be listed all over social media and on third-party sites. Once glance at a high price tag will make buyers run away from your home to something in their price range.
Takes Too Much Time
The longer a home sits on the market, the more likely it is that the home won’t be sold. A home that is overpriced in a moderate market will often be passed over because of the price tag. These homes can also change a market from a seller’s market to a buyer’s market, this happens when there are more homes on the market than there are buyers. This change could mean many buyers are stuck in their homes or have to lower their prices to compete for attention. Overpricing your home could also lead to a blemish on your home’s record. Having a home that is on the market for too long could cause the listing to expire.
If you are lucky to find a buyer willing to pay your asking price, there could be one more problem: the home appraisal. Very few home buyers happen to have $400,000 laying around so they have to go through a bank in order to buy their new home. Most banks require a home appraisal before they disperse the funds for the new home. If the appraisal comes back as being lower than your purchase price, the bank is likely to decline the mortgage for the property.
Overpricing your home can damage the house’s reputation and make it extremely hard to sell. But with the right agents listing your home, your home won’t be in any danger. For more information on selling your Maryland home at the right price, call Simply Referable today!
Correctly Pricing Your Home with Simply Referable
The small team of realtors at Simply Referable is deeply focused on creating a memorable selling experience for you and your family. Each of our team members has an area of expertise, and we strive to form lasting bonds with each of our clients. We want to be your go-to realtors every time you or a friend wants to make a change. With local experience, our realtors can help you choose a house that is just the right fit for your family, now and forever. Contact us online or give us a call at 410-983-9045.