On average, serious buyers look at 15 homes before making an offer. This gives them an idea of the market and competitive pricing. If you overprice your property you will usually lose those serious buyers—even buyers who love the home—because those buyers often assume that a reasonable offer on an overpriced home will not be accepted.
When pricing your home, consider this:
- A high price on your property makes other comparable properties more attractive—and helps sell the competition
- Overpricing means fewer buyers, showings and offers
- Inflated prices often lead to mortgage rejections and critical time loss waiting for financing approvals
- Homes that sit on the market for long periods of time lose interest and are shown less
Know what comparable homes are selling for….actual SOLD prices are much more helpful than listing prices.