Anne Winch Real Estate Team Answers your Question on:
How do I know if my home is priced too high?
There is truly an art to evaluating homes for sale. You want to have a price range where the home will sell yet you don’t want it to be under-priced or over-priced. We all want the best prices for our homes but there is a fine line between your home being priced correctly and being priced too high.
We understand that sellers can often get caught up in the moment when you are pricing your home. More money means more advantages of getting a larger home, cover education costs or a well-deserved vacation. Many factors drive the sale of your home for example, tracking sales of similar homes that have sold in your neighbourhood, the area where you live but mostly it is driven by the market itself.
If you are only choosing a real estate team because they will price your house higher than other realtor teams, then you will end up disappointed. Homes that are priced too high end up with you continuously lowering the price on your home to where it looks like your home may appear to buyers as a home with issues. Buyers will recognize your home as an old listing and will overlook it.
Here are the disadvantages of selling an overpriced home:
- You are helping other homes priced lower sell
- Your home may be on the market longer
- Your home may be by-passed by qualified buyers
- You may create a negative impression of your property
- You will have your home longer which means more mortgage payments, insurances, taxes, etc.
- In the end you may be discouraged that you haven’t had showings and you may have to sell your home for a lot less
It is very important to find a real estate team that will be honest about the price of your home and be able to substantiate this with marketing facts and figures. The Anne Winch Ottawa Real Estate Team will carefully evaluate your home and give you a price range to sell your home. Timing is extremely important in the real estate market. A property attracts the most activity from the real estate community and potential buyers when it is first listed and it has the greatest opportunity to sell when it is new on the market.
Give us a call to find out how we can help you sell your home plus we offer free home staging when you list with us.