Princeton Town Topics – Let’t Talk Real Estate – June 14, 2017
THE RISK OF OVERPRICING
Timing the market isn’t just for real estate pros; if you’re a seller, you can make the most of market timing with these two important tips:
- First, make sure your initial price reflects the market and your buyers’ budgets. If it’s a buyer’s market – that is, one with plenty of inventory for buyers to consider – price your property competitively to make sure it gets its share of attention. Overpricing your property is never a good idea; not only will you almost certainly not get you asking price, but you’ll considerably reduce the number of buyers who even bother to look at your home, let alone make an offer. Even if someone does make an offer, you’ll find yourself in the unenviable position of having only one person to negotiate with.
- Second, make a plan to reduce your price after 30 days or 15 showings – whichever comes first. Reducing your price isn’t a sign of weakness – rather, it signals your interest in working with buyers while also preventing your listing from becoming stale.
Your agent can be an invaluable resource for pricing your property to attract the largest and most diverse group of buyers. Take advantage of their experience to make sure your home is positioned for a fast, profitable sale.