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It’s common for home sellers today to list their home with a high asking price in hopes of receiving top dollar, but they’re taking a big risk. There’s a fine line between pricing your home aggressively and overpricing it.
Overpricing your home will help other homes sell, not yours. Most buyers will be looking at homes in a particular area that are most comparable to yours. If competitors have more features and a better price, your home makes theirs look even better. Likewise, if you overprice and the market rejects your home, you can accumulate more days on the market than average homes in your area. This can lead to buyers not even wanting to look at your property at all.
Finally, even if you receive an offer at the higher price and the home doesn’t appraise for that value, you’ll be forced to renegotiate, or the contract could be terminated altogether. We’re experiencing low appraisals in the San Antonio and New Braunfels markets, which leads us to believe there could be a shift coming. What does this mean for sellers? It’s still a great time to sell, but it’s more important than ever before to price your home strategically.
Do you have questions that I can answer? Send me an email as I’d be happy to help!