FEATURE — With the housing market booming, many homeowners are considering selling their home. During the selling process, realtors caution against overpricing, which can turn potential buyers away, even before they walk through the front door.
“Buyers today are more savvy than ever before and are spending more time on the internet looking for homes prior to making a decision,” Jessica Elgin of Red Rock Real Estate said, adding that home buyers today know what home prices should be. When they decide to make an offer, they want a home that fits their needs and is also priced well, she said.
Learn more about how overpricing can impact selling your home from Jessica Elgin in the Ask a Local Expert video in the media player at the beginning of this article.
Homes that are over-valued can become “stigmatized,” lingering on the market for months and even years. However, homes that are priced competitively at the beginning have a greater chance of selling quickly.
“Buyers tend to skip over homes that are priced too high without even looking at them, and if they do look a little closer and fall in love with an overpriced home, the offer they make is usually lower than market value because they assume they will need negotiating room,” she said. “This causes the home to sit on the market waiting for someone that is looking for a deal.”
Elgin says that in today’s positive housing market, homes that are priced low enough will generate multiple offers and actually make more money for the homeowner. She has had sellers set their prices just a few thousand dollars under market value, and within a few days, the offers began rolling in.
“By starting lower, they end up netting more than those that start high.”
If you would like help setting the best price to sell a home, or for more information, call Elgin today at 435-414-1724 or visit Red Rock Realty’s website.
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