When it’s time to sell, the last thing you want to do is make the worst possible home-selling mistake. Pricing your home too high could have your home stuck on the market for months. A home priced above the market value will also struggle to gain attention from buyers.
Overpricing your home may lead to several risks. Determining the right price is a touch of art, a touch of science, and a touch of experience all mixed into one highly qualified and experienced real estate agent.
Risks of Pricing Your Home Too High
Finding the right Chicago real estate agent will help keep you from overpricing your home. The eager agent might make it sound like he/she can sell your home for more money, but it may be inexperience talking or someone just looking to land your listing.
Trust the agent with the data to back up the price they believe they can sell your home for. You want an agent with the ability to properly price your home for sale.
If you choose wrong or you go against the advice of your agent and overprice your home, you’ll likely run into the following risks:
- Wasted Time – An overpriced home will likely sit on the market longer. Many buyers will put it in the wait and see category hoping to see a more reasonable price.
- More Stress – Selling your home is stressful without overpricing it. Add on a high price tag and you’ll gain more stress as it takes longer to sell your home. You’ll likely feel more pressure to keep up with the cleaning, landscaping, and all the other necessary aspects of showing a home properly.
- Keep Paying Mortgage Payments – Every single month you haven’t sold your home, you’re paying another mortgage payment. This gets even more stressful if you’ve already purchased another home.
- Become Less Desirable – Buyers often view homes on the market for a few months or longer as less desirable. They may assume there’s an issue with the home since it hasn’t been purchased yet.
- Fewer Showings – Adding to the stress, mentioned above, when you list your home for too high of a price, you’ll struggle to get showings.
When you price your home correctly, it actually has a chance to attract buyers and become sold. Choosing the right real estate agent makes a big difference. It’s not wise to just choose the agent saying your home is worth more than any other agent.