Important Strategies for Pricing Your Home Accurately to Sell in the Columbus Ohio Real Estate Market
Following are some dangers of over pricing your home:
You will lose the excitement a new listing generates.
Realtors are already working with buyers, who are aware of what is currently on the market and waiting for something new to be listed. Therefore, most activity typically takes place the first 30 days. It is not uncommon, to receive the highest and best offers during this time.
You will lose the most qualified prospects!
Serious buyers know the market, especially if they have a good realtor. If your listing price is more than 10% above market value, potential buyers may not even bother to make an offer. They will not "make an offer" because they will probably never see your home. Buyers view properties within their price range, knowing they cannot afford anything above it.
Overpricing helps sell other, more competitively priced homes first.
Your home may be used to demonstrate the good value of other properties. Your objective should be to enter the market in a position that will attract prospects, not drive them to other homes.
Your home may sit on the market and become stale.
Buyers may wonder why your home has been on the market so long, thinking something is wrong with the property, even after you lower the price. A house can take on a reputation surprisingly fast, so make the most of your entry to the market!
You lose a strong negotiation position when your home is on the market a long time, both financially and mentally.
Buyers will not "rush" to make an offer on an overpriced property and you may feel compelled to accept less when they finally do. If you do get an offer, the contract may fall through because of appraisal problems.