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5 Reasons Sellers Overprice Their Home

5 Reasons Sellers Over-Price Their Homes

 

Everyone has seen them – the house that is listed for significantly more than the neighborhood. It leads one to wonder what special feature it has that the others don’t: is the view exceptional or can you run a small restaurant from the chef’s kitchen? There must be a reason, but typically it’s merely an over-priced listing.

Sellers over-price their homes for a variety of reasons; here are the 5 most common reasons sellers price their homes too high.

  1. The decorating looks like a magazine. Buyers want to imagine their own furniture and lifestyle in the home; the furnishings will not entice a buyer to overpay.
  2. The seller wants to “test the water.” Listings get old quickly; by missing the critical few weeks with an over-priced listing, the seller could lose potential buyers.
  3. The seller picks minor details from comps and makes assumptions. Not every feature difference will affect the sales price in any meaningful way.
  4. The seller is emotionally attached to the home. Of course it’s natural to love your home, but it’s important to be realistic when pricing the home.
  5. They assume they can negotiate. Sometimes they can, but usually the buyer will just move on.

 

 

 

 

 

 

 

 

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