7 Painful Consequences of Overpricing Your Charlotte Home for Sale

Charlotte Home Seller Tips | 7 Painful Consequences of Overpricing Your Home

With the recent change in the Charlotte real estate market, many sellers are finding themselves feeling quite confident that they are soon going to sell their home.  One of the main problems that we are seeing with some sellers are that with this added confidence in the real estate market, they feel even more confident about their higher list price.

When you overprice your Charlotte home for sale, you may well suffer from 1 or even all of these 7 overpricing consequences:

Serious Consequences of overpricing your Charlotte home for sale1.  You may actually help sell similar homes that are priced lower.  Buyers may love your home but, they may feel that your price is out of their range.

2.  You may become, what refer to as “stale merchandise,” meaning that the longer your Charlotte home remains on the market, the more unappealing your home is to potential buyers.  Longevity tends to lead buyers to believe that there is something wrong with your home…or, quite possibly that you are stuck on that price and may very well not think that it’s worth even making an Offer.

3.  With reference to longevity, the longer your home remains on the market, the less money you will get for the sale of it.  Statistics have shown overwhelmingly that homes on the market for an extended period of time procure incrementally less in sales price than those homes that were priced at market value from the very beginning.

4.  Becoming stale not only means that your buyers could think negatively of you but, you lose market interest and qualified buyers as well.

5.  99% of home buyers who remain on the market beyond the average days on the market make less money on the sale of their home than had they priced the home correctly from the beginning.

6.  Not only will you make less money on the sale but, you will also have incurred expensive carry costs including taxes, insurance, unexpected maintenance costs and HOA dues.

7.  Appraisals are a buyer’s safety net these days.  If you are over-priced and the buyer’s lender has an appraisal that does not meet the value which you and your buyer have ultimately agreed upon, the lender is not going to lend more money to your buyer than the appraiser’s stated market value.  Think about that for a minute–would you pay more for something than it’s worth?

You’ve heard the recommendation to accept that first Offer because subsequent Offers will not be as high as your first one, right?  Well, so should your pricing strategy take into consideration the consequences of overpricing your Charlotte home.  The longer it stays on the market, the less you’re going to make.

Also, bear in mind that, as we stated in the beginning, the market is turning around–take this opportunity to get your home sold quickly so that you can take advantage of a great deal on YOUR next purchase!

More Charlotte home seller information:

Read all Charlotte home seller tips and seller information from The Maxwell House Group

If you’d like additional advice on attracting buyers, please call me at (704) 491-3310 or email me at SavvyBroker@me.com for more information.

©Debe Maxwell | Savvy + Company Real Estate |  7 Painful Consequences of Overpricing Your Charlotte Home for Sale

 

Debe

I am a full-time REALTOR® personally specializing in historic homes and luxury home sales in the Charlotte NC real estate market. My team specializes in a variety of areas including first time home buyers, condos and townhomes as well as single family home sales and marketing.   Follow me on Google+

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Charlotte Real Estate - Savvy + Company
1920 E. 7th Street CharlotteNC28204 USA 
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Comments

  1. Excellent post about the pitfalls of over pricing your home.

  2. Well done, Debe. This is a thorough and realistic look at the importance of pricing a home appropriately for the given real estate market.

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