Why Overpricing Your Home Will Keep Buyers From Buying It
Update: 2018-08-28
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Now that our market is shifting and inventory is increasing, you need to avoid overpricing your home when putting it on the market.
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Why is pricing your home correctly imperative in our current market?
As our market shifts, we’re starting to see more inventory accumulate. In Collin County, for instance, inventory is up 32% compared to this time last year. With more homes on the market, competition among sellers has increased.
If you price your home at market value, you’ll attract roughly 60% of all buyers in your price range. If you overprice it by 10%, you’ll attract just 30% of the buyers in your price range. If you overprice it by 15%, you’ll only attract 10% of the buyers in your price range.
Your home should not only be priced correctly, but it should be show-ready as well.
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If you want to price your home correctly, work with an agent who will show you what comparable homes are selling for and prepare you for what’s coming down the pipeline. Rising interest rates are shrinking the buyer pool and forcing many buyers into lower price brackets, which means your home should not only be priced correctly, but it should be show-ready as well.
If you’d like to talk more about how to price your home correctly or you have any other real estate needs, don’t hesitate to reach out to me. My team and I would be happy to help you.
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