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Jenna Friesen 
Jenna Friesen
Licensed Realtor at Berkshire Hathaway Home Services
Published Apr 26, 2024
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As you prepare to sell your house, it's essential to recognize the importance of setting the right asking price, especially in today's seller-friendly market. While optimism may be high, overpricing your home can have detrimental effects on your selling process and ultimately your bottom line.
The Downside of Overpricing Your House
Your asking price serves as the initial impression for potential buyers. Setting it too high can deter interest, even in a hot market. Buyers are savvy and reluctant to overpay, particularly amidst rising home prices and mortgage rates. According to U.S. News Real Estate:
“Even in a hot market where there are more buyers than houses available for sale, buyers aren't going to pay attention to a home with an inflated asking price.”
Moreover, an overpriced listing can linger on the market, creating skepticism among buyers. A price reduction may signal desperation or flaws in the property, hindering future interest. As Forbes notes:
“It’s not only the price of an overpriced home that turns buyers off. There’s also another negative component that kicks in. . . . if your listing just sits there and accumulates days on the market, it will not be a good look.”
Your Agent’s Role in Setting the Right Price
To avoid these pitfalls, entrust the pricing strategy to a knowledgeable real estate agent. Their expertise in market analysis will ensure your home is priced competitively from the outset. By considering your home's condition, upgrades, and local market trends, they can identify the optimal asking price to attract buyers and foster multiple offers.
Bottom Line
While maximizing profit is the goal, overpricing your home can backfire, prolonging the selling process and diminishing buyer interest. Partner with an agent to establish a strategic asking price, ensuring a swift and lucrative sale.
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