Let’s chat about why shooting for the stars when it comes to pricing your home might not be the best game plan.
First off, it’s crucial to remember that the real estate market is a savvy player – it knows the score. When you set your asking price at the tippy-top of the range, you’re essentially putting a spotlight on your property. Now, that might sound like a good thing, but here’s the catch: if your price is significantly higher than similar homes in the neighborhood, you risk scaring away potential buyers. They might think, “Why would I pay a premium for this place when I can get something similar for less just down the street?”
Another thing to consider is that serious buyers – the ones with checkbooks ready and pre-approvals in hand – have likely done their homework. They’ve seen other homes in the area, and they know what’s a fair price. If your asking price seems out of touch with the market reality, they might not even bother scheduling a showing.
Oh, and let’s not forget the online factor. Most buyers start their home search on the internet these days. If your home appears in search results with a hefty price tag, you might not even make it onto their “must-see” list. It’s like trying to sell a moderately priced sedan next to a lineup of luxury cars – yours might get overlooked.
Now, here’s the silver lining. Pricing your home competitively doesn’t mean leaving money on the table. In fact, it’s quite the opposite. A well-priced home tends to attract more interest, more showings, and potentially even multiple offers. It creates a sense of urgency among buyers, and that’s when you can score a better deal.
So, the bottom line? While it might be tempting to aim for the stars, a realistic and competitive price will likely get you farther in the game, attracting the right buyers and putting you in a better position to seal the deal. Check out my video on some of the other downsides to pricing your home too high.