Selling a home is incredibly personal, and establishing the right price can be one of the most difficult parts of the process. In the Nashville area, we are continuing to see homes selling quickly and for full asking price, which is wonderful. However, this can also create a false optimism in sellers, who may set unrealistic expectations for their homes.
Here are the main reasons to be wary of overpricing a home:
Real Estate Agents
Experienced real estate agents know their markets. After all, it’s part of their job! Overpricing a home puts you at risk for both listing agents and buyers’ agents because they will easily recognize this.
New house listings get sent out on daily reports, which is where they see the most activity. If a house is overpriced, potential buyers may pass on it initially, losing the momentum and excitement of activity at the beginning. It can be tough to recover.
Another timing pitfall – you risk losing out on a home you want to buy if yours takes too long to sell.
Perhaps a buyer is interested in buying at your asking price. Now the home has to go through the appraisal process (unless they don’t need a mortgage). The house price will have to be comparable to the home sales in the same area over the past six months and be comparable to other existing houses on the market. If the home won’t appraise, the whole deal may fall through.
These are a few of the reasons to get started on the home selling process early. By evaluating your options early on and setting realistic expectations, you will enjoy a much better home selling experience.
Call DeSelms Real Estate today to discuss your home selling needs. We’d love to talk to you! 615.550.5565