How we helped a seller realize why they shouldn’t overprice their home.

Pricing your home lower could net you more than you think. How could that be true?

We recently met with a seller and gave them a home valuation. Our comprehensive analysis accounted for other similar properties that sold in their area over the last three months. We discussed with them how it would be in their best interests to price the home a little below what other homes had recently sold for because we're in a normalizing market. We knew that $500,000 was a competitive price, especially since the house was move-in ready, staged beautifully, and well-maintained.

These clients had talked with friends and family who told them to list the home at $525,000. Many think overpricing their home like this is the right move when there’s low inventory, but that’s not always the case. We had to coach the seller about the disadvantages of overpricing their home—it could lead to more days on the market and potentially hurt their sale.

“How you price your home initially is key.”

If your home sits on the market for too long, buyers will wonder what’s wrong with it. We might have to reduce the price to attract more buyer interest, and if that doesn’t work, we may have to drop the price again. This is what we call chasing the market, and it will make your home sell for much less than what you could have.

Not only did these homeowners follow our recommendation, but they also netted $17,000 over their asking price. They received the offer in only a few days, so the process was quick and effective, too. 

The bottom line is that the initial pricing of your home is key. You’ll benefit from working with an experienced agent that will utilize strategic pricing and will net you more money in the long run. 

Look to us as your trusted real estate advisors. If you have any questions or want to know what your home would sell for, call, text, or email us. We’d love to help.