Overpricing Your Home for Sale is the Worst and Most Common Mistake

There are so many decisions to be made when putting your home on the market.  Which repairs do you prioritize to have completed?  How do you choose the best Realtor?  Most importantly of all, how long will it take to find a buyer with “the deal”?

Any Realtor can take photos of your home, put a sign in your front yard, and market your home on the MLS and social media websites.  A knowledgeable Realtor will know the market trends and WORK for you.  The Storck Team provides many services to our sellers that aren’t necessarily a common practice among listing agents in our area.  One of the biggest and most frequent errors we see, OVERPRICING.  Some of the most detrimental issues with overpricing your home are:

  • Discouraging possible offers from interested buyers.
    If the home is overpriced prospect buyers won’t even bother to write an offer because they will think that their offer is considered “low ball” when it is in fact much more reasonable than they thought according to true market value.
  • Loss in inquiries and showings to potential buyers.
    If a home seems to be overpriced according to other comparable homes in the neighborhood, every buyer on the block will skip right over your house and go directly to the more appropriately priced home.
  • Appraisal value coming back at less than the contract price.  If the appraisal comes back and the value is determined to be less than the contract price this will open a flood gate of unwanted emotions for your buyer.  They may feel that there is something wrong with the home, or they may feel cheated.
  • Lower proceeds to the seller.
    It has been proven time and time again that as soon as you lower the asking price on your home, you are bound to be waiting longer and may endure much more grueling negotiations to get your home under contract with a buyer.  Lowering the asking price of your home raises many questions like; why did they lower the price or did they lose a previous contract due to the appraisal?
  • Helps to sell other comparable homes.
    Overpricing your home can actually make other comparable homes for sale in your neighborhood look better and more appealing just simply by seeming to be a better deal.

In October of this year the average home sold for almost $20,000 less than the original asking price in Aurora, CO.  The average active days on the market in Aurora, CO were 13 days.  This is up by a week on average since April, when the difference was less than $12,000 between listing price and sold price.

Tatyana Sturm and The Storck Team have been honored to serve the Aurora, Centennial, and Parker communities as the top 1% of Denver Realtors and recipient of the 5280 5-Star Award since 2010.  We provide professional photography, video, and staging to our sellers.  Our sellers make an average of $5,000 more on their homes and go under contract in an average of 5 days.  We price it right the first time!  Call or text Tatyana Sturm with The Storck Team today for your FREE market analysis.


Tatyana:
Aaron: 720-273-7419
Exit Realty


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