Home prices are starting to inch up again in most areas, which is encouraging sellers to believe that their homes will sell quickly and for more money. And that’s when they start making mistakes.
Don’t be one of them.
Overpricing a home is the biggest mistake a seller can make. Asking a high price for your home says more about you than it does about your home. It may show you value your investment, that you have cared for the home and kept it updated and in good repair. But if the price is too high compared to other similar homes, it can make you appear unrealistic.
Buyers shop in a range that they’ve either been given by their lenders or one where they feel comfortable. If they’re searching on the MLS, they will typically look at homes they can afford and may miss seeing the page where your home is advertised because it’s out of their price range.
It’s also psychologically easier for buyers to negotiate in their price target range. Buyers feel more comfortable asking for a little discount on a home within their reach than to ask you for a big discount on a more expensive home.
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