The Biggest Listing Mistake: Overpricing a Home
One of the biggest mistakes any homeowner can make is overpricing the home that is to be sold. It is extremely tempting to go with the realtor that says that he or she can get the most for the home, but that may be an unwise decision. Pricing a home at its fair market value, or close to it, is a much better way to go about selling a home.One of the biggest problems with an overpriced listing is that people are less likely to look at it. When no one looks at a home, the home sits on the market for weeks. Eventually, people get tired of seeing it in the paper and begin to wonder what could possibly be wrong with the home that is keeping it from selling. At this point, it is wise to remove the home from the market for a while and then re-list.
When re-listing the home, it is frequently tempting for the owners to list it above its true value again. It is very important to list a home at its true market value or slightly below. When a home is listed slightly below its true value, lots of interest will usually occur. This frequently ends in a bidding war which will drive the price of the home up to what is its true market value. Sometimes, the home will end up selling for slightly above its market value.
