Thursday, January 21, 2016

The Danger of Overpricing Your Home

Every buyer in the world is looking for a good deal, and real estate is no exception. Homebuyers at the Lake of the Ozarks want great purchases at even better prices, and the sellers who accommodate their wishes have a much easier time selling their homes.

If sellers are not in a major rush for their home to be sold, they may decide to price their home a little higher in the beginning to see if they can get more money for it. While this is an understandable urge, overpricing your home can be hugely detrimental to your overall selling process. Your Lake of the Ozarks real estate agents are here to help you understand the danger of overpricing your home when it first goes on the market.

Overpricing Hurts Your Visibility

Many buyers now begin their search for homes for sale at the Lake of the Ozarks online. When conducting online searches, they often filter their results by price range. If you overprice your home, it may not show up in the search results for buyers who would otherwise be interested in your home. Don't hurt your visibility by overpricing your property.

Overpricing Scares Off Potential Buyers

Not only can overpricing hurt your visibility, it can actually scare off potential buyers who assume they will not be able to afford your home. While your property's actual market value may be exactly within their price range, the higher number you have chosen to advertise may cause them to scratch your home off the list and look elsewhere for their new homes.

Overpricing Can Cause Your Home To Take A Long Time To Sell

Even if you are not in an initial rush to sell your home, it can be discouraging to watch your property sit on the market for months and months. Zillow, Trulia, and other major real estate services at the Lake of the Ozarks say how many days any given home has been on the market, and when buyers notice that a home has been listed for 278 days, they may wonder if something is wrong with the property. They may jump to the same negative conclusion if they see that the price has dropped several thousand dollars from the initial asking price.

Overpricing Puts You At A Disadvantage During Your Most Powerful Time On The Market

Typically, properties for sale at the Lake of the Ozarks get the most traffic during their first thirty days on the market. Real estate agents are excited to show off a new property, and buyers are excited by the chance to snatch up a home before other buyers have the chance to find it. If you overprice your home in the beginning, you may hurt your visibility and your traffic during what would otherwise be your most powerful time on the market.

Overpricing May Make You Seem Difficult

In addition to a good price, buyers are looking for sellers who will work with them. Buying and selling homes should never be a combative experience, as everyone - the buyers, sellers, real estate agents, and mortgage lender - are all working together towards the same goal. If you price your home well above what it is worth, buyers may assume that you will be difficult to work with and go looking elsewhere.

The Property Shop Can Help You Accurately Price Your Home!
Pricing your home realistically from the very beginning can help you avoid these types of dangers and sell your home at the Lake of the Ozarks much more quickly. Our agents will help you determine the best price for your home and will be there to assist on all negotiations with potential buyers. Visit our website for more information about resources for home sellers at the Lake of the Ozarks!

The Property Shop at the Lake
2086 Horseshoe Bend Parkway
Lake Ozark, MO 65049
(573) 693-1100
(573) 480-7760

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