Overpricing your home in Louisville

Dangers of Overpricing

  • Most of the activity on your home will occur in the first few weeks. Pricing a home properly and then creating immediate urgency in the minds of agents and buyers is critical.
  • Buyers who have seen most available homes in their price range are waiting for the “right house” to come on the market. That’s why if a house is priced right, it will sell quickly. The buyers are there waiting for it.
  • Don’t start with a high price and the assumption that you can reduce it later. By the time you decide to lower the price, interest will have already waned.
  • A major cause for concern is appraisal problems; overpricing can lead to loan rejections and lost time.
  • Even if your home is nicer than most, your house won’t be picked for viewing if you set the price too high. 
  • Buyers and agents are hesitant to make an offer because they fear something is wrong with the property, or they will make offers far below your asking price.
  • Fewer potentially qualified buyers will respond.
  • You might help sell similar homes that are priced right, as they will look like a better value than yours.
  • You could lose money as a result of making extra mortgage payments while incurring taxes, insurance and unplanned maintenance costs.

This is why it’s easier to take a cash offer that closes fast with no contingencies!

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