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Overpricing a House Costs Sellers More Than Just Money

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You want to sell your home and get the best price possible. That’s every seller’s dream but there’s a fine line between getting a good price and overpricing your home. When you overprice your home, it ends up costing you far more than just money. Here’s why.

 

It’s less attractive to buyers

You may not realize your home is overpriced at first. But when your home sits on the market for months and months on end with little to no interest, it’s likely your home is overpriced.

The problem is that houses that sit for a long time don’t attract buyers. The newness factor has worn off and the longer it sits on the market the more skeptical buyers get. Why has the home been on the market for so long? What is the problem?

These are questions potential buyers are thinking but won’t necessarily say to your face. When your home is not at the right price point, the selling process can drag on, making it more difficult as time goes on.

 

It continues to cost you money

You might want to sell your home for the money but if it won’t move on the market, you’re still stuck with the costs. That means you’re still paying the mortgage, still paying taxes, and any fees or costs related to maintenance.

If you’ve already moved to a new place, that could mean paying for two places at the same time which could be costly. All of this has an effect on your financial life and can exacerbate your situation, making you feel strapped for cash.

 

Why overpricing happens

We get it, you want to get the most out of your home. But the value of your home is based on what the market is willing to pay and if no one is willing, then it’s likely your home is overpriced.

Sometimes overpricing happens when sellers refuse to take the advice of the professionals around them. It can be easy to get stuck on a number and not want to relent until you get it. That can be good to an extent, but after awhile it’s time to take action and lower the price.

Other times it could be the professionals around you that are doing more harm than good when it comes to overpricing your home. Some agents can try to win your business and tell you what you want to hear rather than give realistic quotes about what your home is worth.

There could be mismanagement of expectations to get you onboard and boost their commission.

Additionally, there could be the rare case of working with a completely inexperienced realtor who isn’t familiar with the market. They’re just interested in selling the house but lack the awareness to price the home properly.

All of these factors lead to overpricing which can keep your house on the market for far too long. It costs more than just money, too. It takes up a ton of time, effort, and mental bandwidth. If we’re being honest, it’s a total hassle too which can leave you frustrated and jaded with the home selling process.

The good news is that it doesn’t have to be this way. If you want to sell your home as-is and get the best price available, Sundae can help you and be your support system — without all of the hassle.

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