- Report this article
Jenna Friesen
Jenna Friesen
Licensed Realtor at Berkshire Hathaway Home Services
Published Apr 26, 2024
+ Follow
As you prepare to sell your house, it's essential to recognize the importance of setting the right asking price, especially in today's seller-friendly market. While optimism may be high, overpricing your home can have detrimental effects on your selling process and ultimately your bottom line.
The Downside of Overpricing Your House
Your asking price serves as the initial impression for potential buyers. Setting it too high can deter interest, even in a hot market. Buyers are savvy and reluctant to overpay, particularly amidst rising home prices and mortgage rates. According to U.S. News Real Estate:
“Even in a hot market where there are more buyers than houses available for sale, buyers aren't going to pay attention to a home with an inflated asking price.”
Moreover, an overpriced listing can linger on the market, creating skepticism among buyers. A price reduction may signal desperation or flaws in the property, hindering future interest. As Forbes notes:
“It’s not only the price of an overpriced home that turns buyers off. There’s also another negative component that kicks in. . . . if your listing just sits there and accumulates days on the market, it will not be a good look.”
Your Agent’s Role in Setting the Right Price
To avoid these pitfalls, entrust the pricing strategy to a knowledgeable real estate agent. Their expertise in market analysis will ensure your home is priced competitively from the outset. By considering your home's condition, upgrades, and local market trends, they can identify the optimal asking price to attract buyers and foster multiple offers.
Bottom Line
While maximizing profit is the goal, overpricing your home can backfire, prolonging the selling process and diminishing buyer interest. Partner with an agent to establish a strategic asking price, ensuring a swift and lucrative sale.
Like
Celebrate
Support
Love
Insightful
Funny
To view or add a comment, sign in
More articles by this author
No more previous content
- What Credit Score Is Needed to Buy a House? What You Should Know Sep 13, 2024
- How Fluctuations in Mortgage Rates Affect Your Homebuying Power Sep 11, 2024
- Finding Your Ideal Local Real Estate Agent: Essential Tips for Making the Right Choice Sep 9, 2024
- The Top Mistake Sellers Make Sep 6, 2024
- Top Housing Market Myths: What You Need to Know Today Sep 4, 2024
- What Mortgage Rate Should You Be Waiting For? Sep 2, 2024
- How To Determine if You’re Ready To Buy a Home Aug 30, 2024
- How Affordability and Remote Work Are Changing Where People Live Aug 27, 2024
- A Newly Built Home May Actually Be More Budget-Friendly Aug 22, 2024
- How the Economy Impacts Mortgage Rates Aug 20, 2024
No more next content
Sign in
Stay updated on your professional world
Sign in
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
Insights from the community
- Real Estate What are the best ways to make your offer stand out in a competitive real estate market?
- Working with First-Time Home Buyers What's the easiest way to explain contingencies to first-time home buyers?
- Working with First-Time Home Buyers What are the best ways to address client concerns about buying a home?
- Working with First-Time Home Buyers How can you show flexibility and urgency in your offer?
- Working with First-Time Home Buyers How do you negotiate with the seller and counter multiple offers in a multiple offer scenario?
- Working with First-Time Home Buyers How do contingencies protect first-time home buyers from risks?
- Working with First-Time Home Buyers How do you determine the best escalation increment and cap for your first-time home buyers?
- Working with First-Time Home Buyers How can you negotiate like a pro for first-time home buyers?
- Real Estate You're faced with multiple offers in a competitive housing market. How do you choose the best one?
- Real Estate How can you set clear expectations with buyers in the real estate process?
Others also viewed
- Dealing with the First Offer when Selling a Home Powerhouse Real Estate 2y
- Now’s a Great Time To Sell Your House Frank Crandall 4mo
- Houses Are Still Selling Fast Frank Crandall 7mo
- Timing is Everything in Real Estate - 5 Key Tips for Home Buyers Suzy Minken 1y
- 7 Costly Mistakes Home Sellers Make (And How to Avoid Them) Scott Rose - Baird and Warner 2y
- 7 Costly Mistakes Home Sellers Make (And How to Avoid Them) Anne Edwards 2y
- What Sellers Need To Know in Today’s Housing Market Ron Cahalan - MLO and R/E Rehab and Construction - I PAY CASH 2y
- 7 Costly Mistakes Home Sellers Make (And How to Avoid Them) TANIA MIHAYLOVA SRS,ABR 2y
- 7 Costly Mistakes Home Sellers Make (And How to Avoid Them) Jeffrey Billinger 2y
- The Biggest Mistakes Sellers Are Making Right Now FloroStone Realty 1mo
Explore topics
- Sales
- Marketing
- IT Services
- Business Administration
- HR Management
- Engineering
- Soft Skills
- See All