Costly Mistakes Home Sellers Make: Overpricing Their Home

Costly Mistakes Home Sellers Make: Overpricing Their Home

Costly Mistakes Home Sellers Make: Overpricing Their Home

Making mistakes is part of life, but here are 7 mistakes Wellington home sellers can avoid when listing their home for sale. Let’s start by reviewing the first mistake:

1. Overpricing:

One of the biggest mistakes Wellington sellers make when listing their home for sale is overpricing it. By overpricing your home several things can/will happen;

  • You may not get the “new listing” traffic: The most amount of interest and showings typically occurs within the first week or two of your home being placed on the market. In my experience, once a buyer has ruled your home out it is unlikely they will reconsider the property even if the price has been reduced.
  • The longer your home sits on the market the less money you will probably get, you never want to be the “old listing” that nobody wants to buy.
  • If you decide to reduce your price you now run the risk of buyers thinking you are desperate or something is wrong with the house, which may solicit offers well under market value.
  • You are helping your competition sell their home by making their list price look like a great deal in comparison to yours.

The key to selling your Wellington home for top dollar is finding the “sweet spot.” If you list your home too high it will sit and not sell, but if you list too low you could be leaving money on the table. However in certain market conditions underpricing your home will create a bidding war and drive the purchase price up to market value, in some cases even higher.

As a Wellington home seller when deciding on a list price you need to analyze recent sales, but it is also important to know your competition and see what prices solicited an offer by reviewing pending sales as well. Taking a look at expired listings will also show you unsuccessful listing prices.

You should NEVER choose your list price based on how much you want to net on the sale of your home, Wellington home buyers do not care how much you “need” or “want,” they care about finding a home within their budget for market value. You also need to keep in mind if the buyer purchasing your home is obtaining financing it must appraise and appraisers will only use closed comparables, not active or even pending home sales.

Also, you should NEVER hire a Wellington REALTOR because they suggested the highest list price compared to the other agents interviewed. Just because a real estate agent says your home is worth a million dollars does not mean you will get a million dollars especially if the comparables don’t support their recommended list price. Once again your home must appraise if you secure a financed buyer.

If you are thinking about listing your Wellington home for sale contact me today! I will personally educate you about the current market conditions, let you know what your home is worth, and share my marketing plan that helps sellers obtain top dollar in the shortest amount of time. I will also share my recommended pricing strategy for your home, which will vary depending on the location, condition, competition, and the price point your home is in. However, as the seller, you will ultimately decide on the list price for your home.

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Costly Mistakes Home Sellers Make: Overpricing Their Home

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ABOUT

Michelle Gibson Wellington Florida REALTORMichelle Gibson of the Hansen Real Estate Group Inc is a full-time REALTOR who has been specializing in Wellington Florida real estate since 2001. This veteran of the real estate industry has expertise in technology, marketing, and social media.

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Hansen Real Estate Group Inc. is a full-service real estate brokerage specializing in residential real estate. As a customer-focused, quality organization, we achieve success one client at a time. Call 561-333-0446 or e-mail me today at [email protected]

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If you are thinking about buying, selling, or renting your home, townhome, condo, or other Real Estate in the following areas; Wellington, Lake Worth, Royal Palm Beach, Boynton Beach, Greenacres, Loxahatchee, Royal Palm Beach, Lake Clarke Shores, West Palm Beach, Palm Beach Gardens, or Jupiter there are thousands of Realtors to choose from.

However, it doesn't cost you any more to work with a top Realtor in Wellington Florida. I would welcome the opportunity to show you how I get outstanding real estate results for all of my clients. If you are looking for a top real estate agent in Palm Beach County Florida who will make a difference you have come to the right place.

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