The real estate market is hot right now, which is great news for home sellers. Buyers are more motivated when they see prices going up, which generates more buyers and more competition. This situation often causes overpricing, which is dangerous under any circumstances. The following is what overpricing your Central Ohio real estate listing might cost.
Home Price and Marketing Timeframe
It is well documented that home price and the time needed to sell a home are linked. Overpriced homes remain on the market longer for several reasons.
- Higher price points reach fewer buyers.
- Overpricing your home makes lower-priced ones more desirable. Thus, overpricing basically helps your competition.
- Potential buyers are more critical in higher price ranges. Your property must have clear justification for the high price or buyers will bypass it.
Days on Market and Selling Price
Another known pattern is that the longer your home stays listed, the less it will sell for. Buyers negatively view homes that are listed for longer than usual. They imagine that there must be problems with the house (and not necessarily that it was overpriced).
An additional factor is that as a seller, you will usually make price reductions over time. Even if you drop the price to where you initially should have listed it, the damage will have already been done. Buyers making bids at this point will usually give lower prices than they initially might have. In the end, your home will sell for less because you overpriced.
What Overpricing Your Central Ohio Real Estate Listing Might Cost
What overpricing your Columbus, OH real estate listing might cost is both time and money. It is that simple. Even if the real estate market is on an incline and properties are receiving above list price, that is not the time to overprice. The first two weeks of a property being listed are the most critical. This generates the most interest, elevates demand and yields the highest price. I am an experienced real estate agent who knows the current market and I have a competent pricing strategy to ensure that you do not make the mistake of overpricing your house.
