As a homeowner one of the biggest mistakes you can make when selling your home is overpricing it.
Overpricing your Orange County home is a mistake because it doesn’t matter if the Real Estate market is hot or cold, home buyers will always pay for your home what it’s really worth. Besides being a bad Real Estate decision, it’s also a bad idea to overprice your home because of the following reasons:
You Will Have Problems with Appraisals
Did you know that over 90% of home buyers will be using some sort of financing to purchase a home?
That’s right, and this also means that if your house doesn’t appraise for the price you listed it at the sale of your home will ultimately fail.
There Will Be a Lack of Interest
Thanks to the Internet every buyer will be looking up your home online themselves to see what it’s really worth. If they feel that your home is overpriced they may not even bother to see it or make an offer on your home.
Your Home Will Become Poorly Branded
Let’s face it, your home is a “product” that you want to sell and if you’ve overpriced your home you run the risk of poorly “branding” it as overpriced and it will sit on the market for a lot longer than you expected. Once a home sits on the market for longer than other homes, buyers will avoid the home not just because it’s overpriced but because they will think that something is wrong with it because it’s sat on the market for a long period of time. It’s the herd mentality of consumers.
An Overpriced Home Will Help the Competition
Last of all, but most important, an overpriced home always helps the competition in any neighborhood because, it will make other homes which are lower priced look like they are awesome deals compared to the overpriced home.
For more tips on how to price your home the right way, or to view the latest Orange County homes for sale, contact Fred Sed & Associates today by calling us at (949) 272-0125.