Overpricing Your Home To Sell

The Downside To Overpricing Your Home

Here is what happens in the majority of the cases where people over price their house. People start high and by the time they get to what the price of the house is really worth, they have already lowered it 10k, 20k, 50k, 100k, even $200,000. In their mind they are thinking “I’ve lost all that money!” that’s money that they never had to begin with!

But now you’re already in a mentality of scarcity and you’re trying to hold on… You don’t want to spend any money getting your house fixed up because you have already lost tens of thousands of dollars! “I am not putting any money into this house, I am not giving it away!” (btw if you are giving your house away call me, the homeless shelter is looking for a home in SOMD to house people in need)

Everyone Is On Edge

The real estate agent gets frustrated because they feel like that you don’t trust them which creates a contentious relationship. If they keep telling you that your house is worth 400k and you keep wanting to list it at 450k, basically what you’re saying “I hear you but I don’t trust what your saying so we’re going to do it my way…” That does create a disconnect and it makes the person feel like you don’t trust them which is basically what it is…
So when the house sits on the market for a long time you feel like you lost money, you’re not really happy with the real estate agent who didn’t sell your house, or perhaps your Real estate agent told you that your house was worth $450k just to get the listing (make sure you watch my video on Biggest Mistakes Home Sellers Make)
Your frustrated about losing money, your frustrated as a real estate agent, and now your window of opportunity get the most money is long gone, what do you do???
You Need A New Plan
The best way to solve this overpriced house problem is getting an appraisal! Get a neutral third party involved to set a benchmark on the actual value. This solves several problems:
  1. There is no tension with the Realtor
  2. You can price it in the market to sell for the most money
  3. You can negotiate with confidence because you know the value
  4. You can use the appraisal to raise an offer from a buyer
  5. You can use the appraisal to support the offer once received (assuming its not over the initial appraisal)

At The Mayer Group we order an appraisal for all of our new listings. If you don’t like the figure, we have a no questions asked walk away guarantee. We will give you the appraisal for a huge discount and we part as friends. There is a better way!