Beware of the dangers of overpricing your home in Scottsdale’s competitive real estate market.
Prior to putting your home on the market, you interview one or more top selling agents in your area. Those agents have studied the recent market activity and tell you what your home is worth. However, you decide to “test” the market and list for a higher price than the recommendations you have been given.
Your first risk is losing the interest of the top agents who will work the hardest to sell your home, because they know it could be a waste of their time and money.
Once your home is listed, you might have showings from potential buyers that are unfamiliar with the market in your community or just checking out the newest listing. However, the serious buyers, and their knowledagable agents, will do their research if they are interested in your home and will quickly come to the conclusion that there is no reasoning behind the premium pricing.
After several weeks of unsuccessful showings, your home is now stale. This means your home has now lost its most promising potential to sell at it’s best value, which generally occurs during the first few weeks it is on the market.
Sellers often ask us, “why hasn’t anyone at least made us an offer?” The truth is, most buyers (and often agents) are afraid of insulting a seller if they feel their offer is too low compared to the seller’s asking price. Even though the offer may be realistic, compared to the market, and something the seller would be interested in.
Other sellers feel they need to build in some “negotiating room.” We have experienced time and again, that if a property is priced right, it generally sells very close to asking price. A real buyer will see the value of your home and be willing to pay for it.
To avoid the dangers of overpricing your home, contact The Matheson Team using the form below and we can perform a “Comparative Market Analysis” of your home. This will show you what other homes, that are similar to yours, are selling for in your community. Being one of the top RE/MAX teams in Arizona and with over 38 years of real estate experience, we have a proven track record of pricing strategies that will maximize the price you will get for your home.
Realtor | Founder
The Matheson Team – RE/MAX Fine Properties
21000 N. Pima Rd., #100, Scottsdale, AZ 85255