It can be easy to think your home is worth more than it actually is—after all, you’re proud of your home and you know buyers will love it just like you do! Unfortunately, this does not translate well to the market, and overpriced homes tend to sit, unsold, until price reductions are made.
This recently happened when a client and I made an offer on a home that had been sitting on the market for 47 days. It took a little bit—we had to get with the lender, talk pricing, etc., and by the time we made our offer, there were two other offers, as well. Why were there suddenly multiple offers after 47 days? The home had a reduction that put it in line with neighborhood prices. Before, it had been $14,000 higher than comparable homes.
When the price became appropriate, the buyers came.
Sellers, you can enjoy bidding wars from the outset if you simply price your home correctly. Buyers, don’t write off a home that’s overpriced—wait for the eventual price reductions that are bound to happen. When it matches the price of comparable homes, make sure you have everything lined up so that you’re ready to pounce.
If you’re looking to buy or sell, have any questions, or would like more information, feel free to reach out to me. I look forward to hearing from you.