There is no “exact price” for real estate. Market value is not an exact science; it is a function of what the Buyer is willing to pay.
We tell you what we think your home is “worth” by spending the time to provide the rationale by looking at comparable homes for sale currently in your area and what has sold. Together we determine the price, but the market determines the value.
You may think that interested Buyers “can always make an offer”, but if the home is overpriced, potential buyers looking within a price range will never see it. As well, those who can afford a home at your asking price will soon recognize that they can get better value elsewhere
Here are the pitfalls of overpricing your property:
An Overpriced Property fails to compete with other homes on the market. Buyers look at many properties and eliminate by comparison. Your home may help sell others.
An Overpriced Property fails to meet the Buyer’s expectations. People have certain expectations for a certain price and become disinterested when a property does not meet their criteria. When looking at homes, do you remember the disappointment when viewing an overpriced property?
An Overpriced Property remains unsold for a long time causing Buyers to be wary leading to even lower offers. How you ever wondered what was wrong with a house after finding out that it was on the market for a long time?
An Overpriced Property can ultimately cause a monetary loss. Consider your holding cost for six months to 1 year. The market may come up to your price in that time, but you’ve already invested more, plus you may be running the risk of becoming known as overpriced. It is important to calculate your cost of ownership over time.