Is Your Home Overpriced?

I just read a great blog post from a fellow REALTOR, Nina Hollander, in Charlotte, NC. The title of her post is, “It’s a Seller’s Market…Is Your Price the Reason Your Home Hasn’t Sold” It caught my eye because too often I am having this conversation with sellers. Earlier this year, I gave up a listing because the list price was too high for the area. We were not getting the traffic other listings were getting, and the seller just couldn’t understand it. And guess what, it’s still sitting on the market with another agent.

As I read Nina’s 15 telltale signs that Indicate Your Home Is Priced Too High, I could have checked off several of these for this home. It is so important to price your home right the first time. I tell seller’s often, the first 2weeks are the most important for your listing. In this time frame, you are more likely to get your list price than you are after this time period. These 2weeks, you are the new hot item on the market.

Pricing a home over what it is worth, you risk missing out on people that will pay what it is work. For example: Your home is worth $220k-$225k, but you want to list at $235k-$240k to “leave some negotiating room.” Often people who are approved for $225k, are only looking up to $225k, so you are missing these people when they search for homes.

Check out Nina’s post, I highly recommend it if you are thinking about listing your home above what it is worth.

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