🌸 Spring is here, and if you're thinking of selling your home, you're in luck! This season is like hitting the jackpot for sellers in Portland. With fewer homes on the market and more buyers buzzing around, it may be prime time to stick that "For Sale" sign in your front yard and shop for moving boxes.
But hey, before you go setting your asking price sky-high, let's chat about the perks of keeping it real (estate, that is). Sure, aiming for the stars sounds tempting, but overpricing your house could leave you in a bit of a pickle.
Getting Skipped
Picture this: a potential buyer scrolls through listings, and bam! Your house pops up with a hefty price tag. Cue the crickets. See, even in todays' low-inventory market, buyers aren't keen on shelling out extra cash if they don't have to. Believe me, they're already crunching numbers and eyeing those mortgage rates like hawks. They might simply scroll on by.
Look But Don't Touch
Now, here's the scoop: if your home's price is up there in the clouds, you might miss out on foot traffic faster than you can say "open house." Nobody wants their listing gathering dust while newer, fresher options steal the spotlight. That is, they might like looking at your home online, but may not want to visit it in person, fearing it's not worth their time.
Buyer Suspicion
Especially in markets where time on market is lower, buyers start to worry that homes that have been for sale for "a long time" (this period is market-relative) have a problem, are a bad investment, or could be hard for them to sell down the road.
Is that unfair? Yes, in many ways it is. It's also realistic, though. And you want to be realistic.
Real Estate Agents and buyers also worry that the owners of overpriced homes aren't actually all that interested (motived) in selling. That might keep them from even looking at your home.
Time on Market
Sure, you don't need to price your home to sell on day one, but overpriced homes sit on the market. Sometimes, they stay there for a while. Maybe even a long while. That might interfere with your plans. Also, it can be discouraging to have a home on the market that no one is coming to see, especially if this goes on for a while.
The Market Likely Won't Catch Up With You
What if you overprice it, but the market is appreciating - couldn't values simply "catch up" to your asking price while you have your home for sale?
Not likely. Market impressions of your home's value won't increase with time. Sure, eventually, the market will catch up, but it will take a while and the market will actually have to pass your home's real (and asking) value for this to take effect. And that leads to our last risk...
Lower Actual Sale Price
While it's counterintuitive, higher asking prices can lead to lower final sale prices. Really.
The reason is a combination of the above-listed risks. The stigma of being overpriced, the scaring away of good buyers and the time on market concern could mean you have to adjust your asking price - or simply accept an offer - below what your home should have sold for.
But fear not! We've got a savvy solution: finding that sweet spot at or just below the market value. How? Well, that's where we come in. Our team of real estate wizards knows the ins and outs of Portland's housing scene like the back of our hands. We'll sprinkle a dash of market research, a pinch of neighborhood charm, and voilà! Your perfect asking price, served hot and ready to attract a swarm of eager buyers.
Does this mean pricing it low? No. Definitely not. Our job is to make this as profitable as possible for you and that doesn't start by undervaluing your home.
So, let's skip the guessing game and get down to business. Connect with us today, and together, we'll make sure your home sells like hotcakes – without leaving you high and dry. 🏡✨
