Seller's Were Asking: Overpricing

Overpriced!

Is your home currently on the market? Who set the price? Are you aware of the potential set backs overpricing can cause? Here they are:

  • You might help sell similar homes that are priced lower
  • Your home may stay on the market longer
  • You could lose market interest and qualified buyers
  • You might create a negative impression of the property
  • You could lose money as a result of making extra mortgage payments while incurring taxes, insurance and unplanned maintenance costs
  • You may have to accept less money
  • A potential buyer may face appraisal and financing problems as a result of an inflated price
Here are some factors that should not affect your asking price:

  • The original cost of the property (price is determined by today’s market)
  • Emotional attachment
  • The opinion of friends and neighbours (yes, this includes your relatives!)

If you are serious about selling, ensure your asking price is what today’s market will bear. Let’s chat, we’re happy to help guide you!