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       Harry Sterling - Making Client Satisfaction Your Reality          

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10 Dangers of Overpricing Your Home   

 1.  Multiple Listing Services (MLS) Computer searches are selected by price range the buyer can afford.  If your price is above market value, you home will not even  be selected and you lose the positive impact of the “New on the market”                advantage, thereby losing prime selling time.

 2.  Overpricing helps sell other, more competitively priced homes first.  Your home may be used to demonstrate the good value of other properties with better amenities than yours, but priced the same.

 3.  You may lose confidence in your agent and blame them when your home does not sell. You complain about poor salesmanship, failure to report often enough, too little advertising, not enough showings, lack of concern.   The real problem is that you have overpriced your home and the buyers do not see value.

4.  Buyers concentrate on objections and minimize good features of the home.   Buyers always ask how long a home has been on the market.  Over time, your home becomes stale and buyers get confused and wonder what’s wrong with it, even if you lower the price.   They go on to look for a better deal.

 5.  Sales Associates lose enthusiasm about showing properties that Buyers reject due to price. They prefer showing homes where their chances of selling are better.

6.  You place yourself in a poor position to obtain maximum dollar since the property can become "long on the market".   You loose a strong negotiating position and may end up settling for less than market price.

7.  Appraisals are required on all new loans.  The appraised value is based on the recent sales price of similar properties.  If your home is overpriced, the appraisal may fall short of the offer and the buyer,  not willing to pay more than the appraisal price, will cancel the offer. 

8.  Negotiations between Buyers and you may breakdown when a home is overpriced because you don’t know a good offer when one is presented.

 9.  The real estate agent wastes their advertising dollars and time they could have better spent with serious sellers.  

10. You lose opportunities to find another home and may incur additional costs associated with your home not selling.

 
   

   

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1081 N Palm Canyon Drive

Palm Springs, CA  92262

Phone: (760) 325-4500

Fax: (760) 406-5085

CA DRE License # 01359429

 Equal Housing Opportunity     Realtor