5 Common (but Terrible) Reasons for Overpricing Your Home

home-over_pricing5 Common (but Terrible) Reasons for Overpricing Your Home

Published by: REALTOR.com (writen by: Craig Donofrio, image by: Photobuay/iStock), May 17, 2016

We know, we know—you love your house. The kitchen is the perfect size, your weekly summer barbecues give your neighbors patio envy, and your ’70s-style conversation pit is totally coming back into vogue—as you knew it would.

You’ve seen the comps for your neighborhood, but you just know your home is worth more, so you’re going to list it at a higher price.

This is one of a few reasons why sellers overprice their home, and none of them is smart. If you price your home too high, it’ll take longer to sell, raising doubts in buyers’ minds about whether there’s something wrong with it, and you’ll probably have to drop the price eventually anyway. So don’t fall for any of these five common justifications sellers use to inflate the price of their beloved property.

1. You have the Mias Touch in Decor (You Think)

The reason that interiors are often painted white or neutral colors before a sale is that that allows potential buyers to envision what colors would make ittheir home. Your quirky or colorful touches might not be for everyone, and can actually devalue your house.

2. You’re Nitpicking Comps

Comps (or comparable market analysis) are valuable reference points that allow you to compare your home to similar nearby homes in order to price it right. But some sellers place too much value on ultimately negligible differences between their home and the comps.

3. You’re Too Focused on Your ROI

A house is an investment, and everyone wants a return on their investment. Couple that with emotional attachment, and you’re primed to mark up your home’s value.

4. You Built it Yourself, So You’re Emotionally Invested

Speaking of emotional attachments, if you built your home yourself, you might have some serious issues with overpricing your property.

5. You’re Imagining You Haggle

Perhaps the most common reason people overprice their home is because they’re looking to negotiate.

For the Full Article, visit REALTOR.com at: http://www.realtor.com/advice/sell/overpricing-your-home

5 Common (but Terrible) Reasons for Overpricing Your Home

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Christopher Tenggren

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