Nothing Keeps A House On The Market Longer Than Overpricing

Dated: October 31 2018

Views: 1585

Image title

Nothing keeps a house on the market longer than a high price tag that doesn't represent the current state of the housing market and the true value of your home. Some misconceptions that home owners have is that they can always come down on the price and "don't want to leave anything on the table." 

Elizabeth Weintraub of Lyon Real Estate says, "You don't want to overprice the house, because you're going to lose the freshness of the home's appeal after the first two to three weeks of showings." 

In our experience, most of the homes we listed for sale that started off too high in price, typically end up selling for less than other homes in the neighborhood if they waited too long to bring the price down to a more realistic number that represents the real estate market in their neighborhood. There are of course exceptions to this rule, but the majority of the time, a house is most desirable when many buyers are shopping it and scheduling showings. Pricing a great home properly from the start not only increases your chances of getting top dollar for it, but also is more likely to get you a faster closing date. Homeowners should remember, that even if you get a buyer to commit to purchasing the home at the higher price and get it under contract, if the home buyer is taking out a loan and the home doesn't appraise, you'll be right back to square one again when the loan simply cannot be approved at the current price.

When a home sits on the market for a while, buyers tend to wonder what is wrong with it or worse, submit low-ball offers in hopes the seller is reconsidering their pricing decision. For more tips regarding pricing your home to sell check out this article.

Blog author image

Andrea Hartmann

Andrea is the Managing Partner of The Sandy Hartmann Group and runs the team alongside Sandy Hartmann. She would love to talk to you about real estate! Andrea was born and raised in the Tampa Bay a....

Want to Advertise on this Site?

Latest Blog Posts

What You Need To Know About 4 Point Inspections

What You Need to Know About 4-Point InspectionsBuying or Selling a Home?Whether you are buying or selling a home in the Tampa Bay area, a 4-point inspection is a type of home inspection that

Read More

The December 2021 Real Estate Stats For Pinellas County

The December 2021 Real Estate Stats for Pinellas County, FloridaThe December 2021 stats are in and as you can imagine it was another wild month in real estate in the Pinellas County market. Closed

Read More

What Is Title Insurance And Who Pays For It

Title Insurance- What Is It & Who Pays For It?When buying or selling a home, it's only natural for each party to wonder what their closing costs will be and who pays for what. Title insurance

Read More

7 Tips For Buying A Waterfront Home In Florida

7 Tips for Buying a Waterfront Home in FloridaFor many home buyers, buying a waterfront home or condo is one of the most exciting experiences they’ll ever have when it comes to buying a home.

Read More