The Dangers of Overpricing Your Home

• The vast majority of serious buyers and agents simply will not make offers on homes they consider significantly overpriced.
• Overpricing discourages qualified buyers & attracts less-desirable prospects, i.e., buyers who make “low-ball” offers.
• Overpricing wastes the optimum moment of Buyer/Broker interest in the property—when it’s new on the market and our marketing campaign is in full swing.
• Overpricing kills the “sense of urgency” in the buyer and broker communities that typically leads to achievement of the highest sales price.
• Overpricing helps sell competitive properties—as they stand out as a good value in comparison.
• The property becomes “stale” on the market, which—because buyers assume there must be something wrong with the house—dramatically reduces value in buyers’ minds. Sadly, this usually results in a sale price less than if it had been properly priced to begin with.

It is in the seller's best interest for their home to be priced competitively in the market and comparable to those around them. Having a competitively well priced home gives a far greater opportunity to portray well to potential buyers and sell your home closer to the asking price. If a home is priced too agressive and high for the market it not only significantly lowers the chances of sale, but also allows carrying costs to quickly add up.

Pacific Union GMAC Real Estate is the desert area's exclusive affiliate of Christie's Great Estates and serves the real estate needs of Palm Springs, Rancho Mirage, Palm Desert, Indian Wells and La Quinta.