What Overpricing Your Portsmouth, NH Real Estate Listing Might Cost
Home values are improving, which is welcome news for home sellers. Inclining prices improve home buyer confidence, which results in more buyers and greater competition. This situation commonly causes overpricing, which is a bad idea at any time. Here is what overpricing your Portsmouth, NH real estate listing might cost.
How Home Price Influences Marketing Timeframe
It is well known that list price and marketing time are linked. Overpriced properties sit longer for a few different reasons. First, the higher in price you go, the fewer the buyers. Secondly, overpricing your property makes lower-priced alternatives appear a better deal. So, overpricing essentially assists your competition. Thirdly, potential buyers are more scrutinizing as the price increases. Higher prices must be warranted by substantial upgrades or home buyers will ignore it.
Longer Days on Market Affects Sale Price
Another known fact is that the price for which a home sells will decrease the longer it remains listed. Buyers negatively view houses that are listed for longer than usual. They assume that things must be wrong with the house (and not necessarily that the price was the issue).
Additionally, sellers usually lower the price as time passes. Even if you reduce the price to the proper range, the damage will have already been done. Buyers interested in the property will often submit lower offers than for a newly listed property. In the end, your listing will sell for less because you overpriced.
What Overpricing Your Portsmouth, NH Real Estate Listing Might Cost
What overpricing your Portsmouth, NH real estate listing might cost is both time and money. It is that simple. Even if the market is on an incline and listings are receiving above asking price, it is not a good idea to overprice. It is always critical to begin at the optimal price point. That produces the most interest, improves demand and gets you the highest price. Contact an experienced real estate broker who understands the market and proper pricing approaches to ensure that you do not make the mistake of overpricing.
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