Don't Overprice Your House

Posted by Steph Kaye on Monday, January 19th, 2015 at 1:23pm.

Don't Sabotage Your Chances of Selling Your Home

Many people selling their house deliberately sabotage their chances of selling their homes. It doesn't make any sense, yet it happens all the time. Sellers pretentiously try to sell their home with the highest price they think they can get away with. Then they're surprised when they put off when they are offered insultingly low offers or none at all.

If you're a seller getting ready to list your home with a real estate professional, and you're thinking about testing the market with a high price tag, it's time to step back and think about how you want to sell your home successfully.

Below are four really bad reasons to overprice your home.

You think you are smarter than everyone else.

If you're truly smarter than everyone else, then your agent, the buyer's agent, the buyer's lender, the county appraiser, all the other sellers who have sold or who currently have their homes listed in the market and every buyer on the market is not as smart as you.


You need to be in control.

If you are selling your home and hire a real estate agent, but then you don't listen to a word they say. You politely listen, smile smugly, and then inform your agent that you're in no hurry, you can afford to wait for the right price, you can always decide to drop the price later. But you're not in control. The market is in control. Buyers don't have to buy homes, and they certainly don't choose to buy overpriced homes.

You are not honest.

You see nothing wrong with hiding information from your agent or the buyer. Perhaps you want to put such a high price on your home because you owe more on your home than it's worth. What if you can't get your price and you have to ask the lender to take less money. That's a hefty risk. It takes more time, the lender could say no, and your buyer could get justifiably angry and walk away from the deal.

You feel entitled.

You really think it's your agent's job to meet your unrealistic expectations. Your expectations of your agent  go way above the call of duty. Put a full-page ad in the New York Times, hold an open house every week, etc. Overpricing is a risk. Buyers are just as smart as sellers. Agents don't work for free. Lenders don't ignore lending guidelines. So don't overprice your home.

If you are in the market for a new house and would like information on homes for sale, or are first time home buyer not working with a Realtor and would like to schedule a consultation with a qualified Oakland County and Macomb County Realtor, please complete the Lang Premier Properties contact form to have a real estate agent contact you. 

Lang Premier Properties are Birmingham Realtors specializing in Oakland County Real Estate. Stephanie is an agent with Lang Premier Properties. See what past clients have to say about Stephanie Lang.  Lang Premier Properties looks out for your best interests when you purchase a new custom luxury home. We always recommend working with an experienced luxury real estate agent when buying a new luxury estate.


4 Responses to "Don't Overprice Your House"

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