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Why overpricing your house can cost you

Why overpricing your house can cost you

When planning to sell your home, it is essential to set the right asking price if you want to be competitive, especially in today’s seller friendly market. During this time of year, more buyers choose to move. Because of this, competition ticks up. While optimism may be high, overpricing your home can have some detrimental effects on your selling process. 

In this blog written by Raleigh Cary Realty, we will discuss why overpricing your house can be detrimental and how an agent can assist you when it comes to finding that sweet spot. 

Why overpricing your house can cost you:

  • Sitting on the market: Overpricing your home can cause it to sit on the market way longer than it should before acquiring any offers. The most effective time to sell a home is when it is first listed on the market. If the home is overpriced it will deter people from attending those first impactful showings.
  • Waste of time: Another reason to avoid overpricing your home is the fact that it can be a huge waste of time. Selling your home requires a lot of work, ranging from marketing to showings and open houses. Not to mention, you have to keep your house immaculate and leave the house when potential buyers come to view it.
  • Lose potential buyers: Generally, overpricing your home can cause you to lose potential buyers. Many will not even consider viewing the home when the price does not fall in their range. 
  • Buyers are warry: It is not only the price of an overpriced home that will turn potential buyers off. Buyers may be wary of the home due to the fact that they may be under the impression that something is wrong with it if it is on the market for a long time. 
  • Agents assistance: It is always an excellent idea to lean on a real estate agent when it comes to pricing your home. An agent knows the market best. They will assist with this process and make sure that your home is priced right and market it towards a targeted audience.

When planning to sell your home, it is essential to set the price right. Overpricing your home may seem like a good idea because everyone wants to get the best offer. However, overpricing can have some detrimental effects when it comes to the selling process. Are you currently looking at selling your home? At Raleigh Cary Realty, we will work hand in hand with you to ensure that the selling process runs smoothly. We have a proven track record of successfully selling homes in the Triangle Area.

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Our agents write often to give you the latest insights on owning a home or property in the Triangle area.