By Edmund Bogen | January 11, 2023
If you’re thinking about selling your home, it’s important to make sure that you price it correctly. While it can be tempting to try and get as much money as possible for your property, pricing your home too high can actually end up costing you in the long run.
One of the biggest reasons to avoid pricing your home too high is that it can turn off potential buyers. If your home is priced significantly higher than comparable properties in your area, buyers may assume that there is something wrong with it or that you are unrealistic about its value. As a result, you may end up with fewer interested buyers, which can make it more difficult to sell your home.
Another reason to be careful about pricing your home too high is that it can lead to a longer time on the market. The longer your home sits unsold, the more it will cost you in terms of carrying costs (e.g. mortgage payments, insurance, taxes, etc.). Additionally, the longer your home is on the market, the more likely it is that buyers will start to wonder what is wrong with it, which can further decrease its perceived value.
Fortunately, there are ways to ensure that you price your home correctly. One option is to work with a real estate team like the Edmund Bogen Team at Douglas Elliman Real Estate, who can prepare a Comparative Market Analysis (CMA) based on hard data. A CMA is a report that compares your home to similar properties in your area in order to help you determine a fair price. This can give you a better idea of what your home is really worth, which can help you avoid pricing it too high.
It’s also important to keep in mind that the value of your home is likely to have changed since you bought it. If you bought your home several years ago, it’s possible that it is now worth much more than you paid for it. However, it’s also possible that it is worth less than it was six months ago due to changes in the market. This is another reason to work with a real estate team – they can help you understand how current market conditions will affect the value of your home.
While it can be difficult to know exactly how much your home is worth, it’s important to remember that the right price is the one that will get it sold. By pricing your home too high, you may end up missing out on potential buyers and prolonging the time it takes to sell. Instead, take the time to understand the value of your home and price it accordingly – you’ll be glad you did.