10/30/2023
This one is for the home sellers: What is the cost of overpricing a home? Fair market value is the price a qualified, reasonably knowledgeable buyer is willing to pay, which a seller, not under duress, is willing to accept after the home has been properly exposed to the market. Neither agents nor sellers determine market value: Only the market itself – willing and able buyers – establishes value. A comprehensive comparative market analysis is the best way to estimate current fair market value before listing the home for sale. We then work with the seller to create a plan – pricing, preparation, and marketing – to maximize the conditions that reliably achieve the highest possible sales price. The vast majority of buyers will not make offers on homes they consider significantly overpriced. Either they don’t want to waste their time or are uncomfortable with possibly “offending” the seller. They simply move on to listings they consider fairly priced. Overpricing wastes the optimum moment of buyer attention: When it first comes on the market. This moment cannot be recaptured. So what is the cost to home sellers of overpricing?
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