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Jan22

Overpricing Your Home Can Be A Costly Mistake

Overpricing Your Home Can Be A Costly Mistake

Getting the right price for your home is the first and most important step in the sale process. You want to make sure that your house isn’t priced too high that you can’t make a sale and that it’s not priced too low that you don’t regret the sale. 

All too frequently, seller’s opinions of their Colorado house are clouded by their emotions.  It’s easy to think that your home is worth more than your neighbor’s, especially if you’ve lived in that house for several years. After all, you’ve made some improvements through the years and your Coloardo home has been special to you and your family. It may be one of your most prized possessions, but what your home means to you must come to terms with what the real estate market dictates.

Some sellers would list their home higher than what their real estate agent has advised. Some do this in the hopes of getting more money out of their property. Others think that they can always lower the price later on.  This is not a good strategy. Your real estate agent has already provided you with information that can help you see the bigger picture. Listen to his/her advice.

Home buyers will not waste their time looking at and negotiating on a Colorado home they know is overpriced. There are a lot of properties on the market. They’ll just move on to the next property until they find something that matches their needs and budget.

You can avoid the pressure and disappointment of your property sitting on the market and seeing no activity after a few months if only you priced it correctly in the first place. Eventually, you’ll decide to reduce the price in order to compete with the listings that are actually in your price range. But since your home has been sitting in the market for a while, buyers may not give it much attention.

An overpriced Colorado home is not going to sell. It doesn’t matter how many sites your home is listed or how many glossy fliers you’ve handed out. You need to put the right price tag in order to get that buzz going around your home.

As the owner, you are free to ask for any price on your home. But if it’s priced too high, don’t expect it to sell any time soon.